Valley National Bancorp (NASDAQ:VLY) Raised to "Buy" at Truist Financial

Key Points

• Valley National Bancorp has been upgraded from a "hold" to a "buy" rating by Truist Financial, with a price target of $11.00 indicating a potential upside of 15.42% from its previous close.
• Despite the upgrade, analysts remain mixed on the stock, with a current rating of "Hold" and a consensus target price of $10.82 based on various analysts' assessments.
• The company reported earnings of $0.23 per share for the last quarter, beating estimates and showing a year-over-year revenue growth of 9.3%, signaling financial improvement.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) was upgraded by equities research analysts at Truist Financial from a "hold" rating to a "buy" rating in a research note issued on Friday, Marketbeat reports. The firm presently has a $11.00 price objective on the stock. Truist Financial's price objective points to a potential upside of 15.42% from the stock's previous close.

A number of other research analysts have also commented on VLY. Barclays restated an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Wall Street Zen lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Finally, Jefferies Financial Group assumed coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Valley National Bancorp currently has an average rating of "Hold" and a consensus target price of $10.82.

Valley National Bancorp Stock Performance

Shares of VLY opened at $9.53 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 stock has a 50-day moving average of $9.06 and a 200-day moving average of $9.11. The company has a market cap of $5.34 billion, a PE ratio of 13.81 and a beta of 1.06. Valley National Bancorp has a one year low of $7.18 and a one year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.12% and a net margin of 11.03%. The business had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the previous year, the business earned $0.13 EPS. The company's quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in Valley National Bancorp during the fourth quarter valued at $31,490,000. Principal Financial Group Inc. lifted its holdings in Valley National Bancorp by 1.0% during the first quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock valued at $9,787,000 after purchasing an additional 10,996 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Valley National Bancorp by 22.4% during the first quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after purchasing an additional 1,709 shares in the last quarter. Hourglass Capital LLC lifted its holdings in Valley National Bancorp by 6.3% during the first quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after purchasing an additional 26,280 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its stake in shares of Valley National Bancorp by 33.3% in the first quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock worth $152,000 after buying an additional 4,261 shares in the last quarter. 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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