Valley National Bancorp (VLY) Upgraded by Piper Jaffray Companies to “Overweight”

Valley National Bancorp (NYSE:VLY) was upgraded by stock analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research report issued on Friday, MarketBeat.com reports. The firm currently has a $13.50 target price on the financial services provider’s stock. Piper Jaffray Companies’ target price indicates a potential upside of 16.98% from the company’s current price.

Several other equities analysts have also recently weighed in on VLY. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Wednesday, September 27th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a report on Friday, September 29th. Finally, Royal Bank of Canada started coverage on Valley National Bancorp in a report on Thursday, December 21st. They set an “outperform” rating and a $14.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $13.21.

Shares of Valley National Bancorp (NYSE:VLY) traded up $0.21 on Friday, reaching $11.54. The company’s stock had a trading volume of 3,730,000 shares, compared to its average volume of 2,010,000. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.98. Valley National Bancorp has a 12-month low of $10.61 and a 12-month high of $12.82. The company has a market capitalization of $3,050.00, a PE ratio of 16.97 and a beta of 0.89.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). Valley National Bancorp had a net margin of 19.91% and a return on equity of 8.27%. The business had revenue of $193.00 million for the quarter, compared to the consensus estimate of $195.03 million. During the same quarter last year, the firm earned $0.16 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. equities analysts expect that Valley National Bancorp will post 0.68 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Valley National Bancorp by 9.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock valued at $108,000 after buying an additional 817 shares during the last quarter. Advisor Group Inc. raised its position in Valley National Bancorp by 26.2% in the 2nd quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock valued at $115,000 after buying an additional 2,031 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $126,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $272,000. Finally, Csenge Advisory Group acquired a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $145,000. 63.83% of the stock is currently owned by institutional investors and hedge funds.

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Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.