Jefferies Financial Group Initiates Coverage on Valley National Bancorp (NASDAQ:VLY)

Analysts at Jefferies Financial Group assumed coverage on shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) in a research note issued on Wednesday,Benzinga reports. The brokerage set a "hold" rating and a $10.00 price target on the stock. Jefferies Financial Group's target price suggests a potential upside of 10.62% from the company's current price.

Several other brokerages have also recently weighed in on VLY. JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $10.50 to $11.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Barclays lowered their target price on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. StockNews.com downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday. Piper Sandler raised shares of Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 price target on the stock in a report on Monday, March 24th. Finally, Truist Financial assumed coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They set a "hold" rating and a $10.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.55.

Valley National Bancorp Stock Down 0.1%

VLY opened at $9.04 on Wednesday. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The company has a market cap of $5.06 billion, a PE ratio of 13.10 and a beta of 1.05. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $8.66 and a 200 day moving average of $9.39.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The company had revenue of $479.67 million during the quarter, compared to the consensus estimate of $483.98 million. During the same period in the previous year, the business earned $0.19 earnings per share. On average, sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors have recently modified their holdings of VLY. Intech Investment Management LLC boosted its stake in Valley National Bancorp by 40.7% in the first quarter. Intech Investment Management LLC now owns 502,987 shares of the company's stock worth $4,472,000 after buying an additional 145,549 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Valley National Bancorp by 34.9% in the 1st quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock worth $541,000 after acquiring an additional 15,761 shares during the last quarter. Bayforest Capital Ltd boosted its stake in shares of Valley National Bancorp by 870.4% in the 1st quarter. Bayforest Capital Ltd now owns 60,000 shares of the company's stock valued at $533,000 after purchasing an additional 53,817 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Valley National Bancorp by 21.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company's stock valued at $12,852,000 after purchasing an additional 255,870 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Valley National Bancorp by 43.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company's stock valued at $90,810,000 after purchasing an additional 3,091,169 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors.

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.

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