Valley National Bancorp (NASDAQ:VLY) Earns Hold Rating from Analysts at Truist Financial

Investment analysts at Truist Financial initiated coverage on shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) in a report issued on Tuesday. The brokerage set a "hold" rating and a $10.00 price target on the stock. Truist Financial's price objective would indicate a potential upside of 8.23% from the company's current price.

A number of other research firms have also recently commented on VLY. JPMorgan Chase & Co. lifted their target price on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research note on Friday, January 24th. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price on the stock in a research report on Monday, March 24th. StockNews.com upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, April 26th. Royal Bank of Canada raised their target price on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Finally, Barclays decreased their target price on shares of Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Valley National Bancorp presently has a consensus rating of "Hold" and a consensus target price of $10.60.

Valley National Bancorp Trading Up 0.4%

VLY stock traded up $0.04 during midday trading on Tuesday, reaching $9.24. 1,909,476 shares of the company traded hands, compared to its average volume of 7,209,488. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 13.39 and a beta of 1.05. The business has a 50 day moving average of $8.62 and a 200-day moving average of $9.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98.

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

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Persistent Asset Partners Ltd raised its holdings in shares of Valley National Bancorp by 43,659.7% during the 1st quarter. Persistent Asset Partners Ltd now owns 155,508 shares of the company's stock worth $1,382,000 after acquiring an additional 155,865 shares during the period. Russell Investments Group Ltd. raised its position in shares of Valley National Bancorp by 35.2% during the 1st quarter. Russell Investments Group Ltd. now owns 361,845 shares of the company's stock valued at $3,216,000 after buying an additional 94,289 shares during the period. Nuveen LLC purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at approximately $15,890,000. Aigen Investment Management LP lifted its holdings in Valley National Bancorp by 70.0% in the first quarter. Aigen Investment Management LP now owns 45,105 shares of the company's stock valued at $401,000 after acquiring an additional 18,566 shares during the last quarter. Finally, Swiss National Bank grew its position in Valley National Bancorp by 14.4% in the first quarter. Swiss National Bank now owns 973,960 shares of the company's stock worth $8,659,000 after acquiring an additional 122,600 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.

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