Valley National Bancorp (NASDAQ:VLY) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Analysts at Cantor Fitzgerald began coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a report issued on Wednesday, Marketbeat reports. The brokerage set an “overweight” rating and a $12.00 price target on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 11.32% from the stock’s current price.

A number of other brokerages have also recently issued reports on VLY. Truist Financial raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Friday, July 25th. Hovde Group began coverage on Valley National Bancorp in a report on Wednesday. They set an “outperform” rating and a $12.50 price target on the stock. Royal Bank Of Canada lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Barclays reaffirmed an “underweight” rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a “hold” rating and a $10.00 price target on the stock. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $10.78 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm’s 50-day moving average price is $9.84 and its two-hundred day moving average price is $9.15. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $11.10. The stock has a market capitalization of $6.03 billion, a P/E ratio of 13.82 and a beta of 1.13.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm had revenue of $495.01 million for the quarter, compared to analysts’ expectations of $495.79 million. During the same quarter last year, the company posted $0.13 earnings per share. Valley National Bancorp’s revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. increased its stake in shares of Valley National Bancorp by 7.3% during the second quarter. Osaic Holdings Inc. now owns 30,430 shares of the company’s stock valued at $272,000 after acquiring an additional 2,065 shares during the period. Squarepoint Ops LLC increased its stake in shares of Valley National Bancorp by 575.8% during the second quarter. Squarepoint Ops LLC now owns 980,997 shares of the company’s stock valued at $8,760,000 after acquiring an additional 835,835 shares during the period. Newbridge Financial Services Group Inc. acquired a new position in shares of Valley National Bancorp during the second quarter valued at approximately $792,000. FORA Capital LLC acquired a new position in shares of Valley National Bancorp during the second quarter valued at approximately $516,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Valley National Bancorp by 5.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 365,605 shares of the company’s stock valued at $3,262,000 after acquiring an additional 20,117 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.