UPDATE: Sterne Agee Upgrades Valley National Bancorp to Neutral
Sterne Agee upgraded its rating on Valley National Bancorp (NYSE: VLY) from Underperform to Neutral as valuation may find support at current levels.
Sterne Agee noted, "We upgraded shares of Valley National Bancorp to Neutral from Underperform. The upgrade was attributed to the stock achieving our price target. At current levels we believe the stock will have support from the 6.8% dividend yield in addition to a short interest of 10.2% of total shares, equivalent to 20 days of the current average daily trading volume."
Valley National Bancorp closed at $9.65 on Thursday.
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