Valley National Bancorp (NASDAQ:VLY) Now Covered by Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage of Valley National Bancorp (NASDAQ:VLY) with a "buy" rating and a price target of $14.00, suggesting a potential upside of 30.11% from the stock's previous close.
• Valley National Bancorp's stock currently holds an average rating of "Moderate Buy", with most analysts projecting a consensus target price of $12.29.
• Recent performance shows that the company reported $0.23 EPS for the quarter, exceeding analysts' expectations and marking a revenue increase of 9.3% compared to the same quarter last year.

Analysts at TD Cowen began coverage on shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) in a report released on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $14.00 price target on the stock. TD Cowen's price target points to a potential upside of 30.11% from the company's previous close.

VLY has been the topic of a number of other research reports. Royal Bank Of Canada increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Hovde Group initiated coverage on Valley National Bancorp in a research report on Wednesday, September 10th. They set an "outperform" rating and a $12.50 price target on the stock. Truist Financial increased their price target on Valley National Bancorp from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. National Bankshares set a $13.50 price target on Valley National Bancorp in a research report on Monday, September 15th. Finally, Wall Street Zen downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, September 20th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.29.

Valley National Bancorp Stock Down 0.5%

Shares of VLY opened at $10.76 on Thursday. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.14. 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 company has a market capitalization of $6.02 billion, a price-to-earnings ratio of 13.79 and a beta of 1.13. The stock's 50-day moving average price is $10.06 and its 200-day moving average price is $9.24.

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

Hedge Funds Weigh In On Valley National Bancorp

Hedge funds have recently made changes to their positions in the company. State of Michigan Retirement System increased its position in shares of Valley National Bancorp by 1.1% during the first quarter. State of Michigan Retirement System now owns 113,681 shares of the company's stock worth $1,011,000 after purchasing an additional 1,200 shares in the last quarter. Signaturefd LLC increased its position in shares of Valley National Bancorp by 23.2% during the second quarter. Signaturefd LLC now owns 6,895 shares of the company's stock worth $62,000 after purchasing an additional 1,297 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Valley National Bancorp by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company's stock worth $1,183,000 after purchasing an additional 1,300 shares in the last quarter. Forum Financial Management LP increased its position in shares of Valley National Bancorp by 7.8% during the first quarter. Forum Financial Management LP now owns 19,142 shares of the company's stock worth $170,000 after purchasing an additional 1,381 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Valley National Bancorp by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock worth $494,000 after purchasing an additional 1,465 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

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.

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