Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $13.00 at Truist Financial

Key Points

• Truist Financial has raised its price target for Valley National Bancorp from $11.00 to $13.00, suggesting a potential upside of 20.59% from the current price, while maintaining a "buy" rating on the stock.
• Valley National Bancorp recently reported earnings per share (EPS) of $0.23, exceeding analysts' expectations, and its revenue increased by 9.3% compared to the same quarter last year.
• There is strong institutional interest in Valley National Bancorp, with 61% of the stock owned by hedge funds and institutional investors, indicating robust confidence in the bank’s performance.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its price objective hoisted by stock analysts at Truist Financial from $11.00 to $13.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 20.59% from the company's current price.

A number of other research analysts 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 target price for the company. Royal Bank Of Canada boosted their target price 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. Morgan Stanley boosted their target price on Valley National Bancorp from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Tuesday. National Bankshares set a $12.00 price objective on shares of Valley National Bancorp in a report on Tuesday. Finally, Cantor Fitzgerald started coverage on shares of Valley National Bancorp in a report on Wednesday. They set an "overweight" rating and a $12.00 price objective on the stock. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $11.54.

Valley National Bancorp Trading Up 0.7%

NASDAQ:VLY opened at $10.78 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50-day moving average of $9.84 and a 200-day moving average of $9.15. The company has a market cap of $6.03 billion, a PE ratio of 13.82 and a beta of 1.13. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data 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. 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 net margin of 12.87% and a return on equity of 5.89%. The business's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.13 EPS. As a group, equities research analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Valley National Bancorp

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