Valley National Bancorp (NASDAQ:VLY) Now Covered by Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has initiated coverage on Valley National Bancorp with an "overweight" rating and a price target of $12.00, indicating a potential upside of 11.34% from its previous close.
• Other analysts have also raised their price targets, with Royal Bank of Canada setting a target of $11.00 and Morgan Stanley at $13.00, further supporting a bullish outlook on the stock.
• The company's share price was $10.78 during mid-day trading, reflecting a market cap of $6.03 billion and expectations for an earnings per share of $0.99 for the current fiscal year.

Stock analysts at Cantor Fitzgerald started coverage on shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $12.00 price target on the stock. Cantor Fitzgerald's target price points to a potential upside of 11.21% from the stock's current price.

A number of other research firms have also recently weighed in on VLY. Jefferies Financial Group started coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $10.00 price objective for the company. 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 research note on Friday, July 25th. Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Royal Bank Of Canada lifted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Valley National Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $11.54.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock traded up $0.01 during trading on Wednesday, hitting $10.79. 9,524,309 shares of the company's stock were exchanged, compared to its average volume of 7,178,801. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day simple moving average of $9.86 and a 200-day simple moving average of $9.16. 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 $6.04 billion, a price-to-earnings ratio of 13.83 and a beta of 1.13.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm's revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business earned $0.13 earnings per share. On average, research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Valley National Bancorp in the 1st quarter valued at approximately $35,000. Farther Finance Advisors LLC increased its stake in Valley National Bancorp by 206.6% in the 1st quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after buying an additional 2,896 shares during the period. Point72 Hong Kong Ltd purchased a new position in Valley National Bancorp during the 4th quarter worth $39,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Valley National Bancorp in the 1st quarter worth $39,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Valley National Bancorp in the second quarter valued at about $39,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Company Profile

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.