Valley National Bancorp (NASDAQ:VLY) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has initiated coverage on Valley National Bancorp (NASDAQ:VLY) with an "overweight" rating, reflecting positive outlook among analysts.
• The stock currently holds a consensus rating of "Moderate Buy" with an average target price of $11.38, indicating optimism in its future performance.
• Valley National Bancorp reported a quarterly earnings per share of $0.23, surpassing expectations and showing a 9.3% increase in revenue compared to the same quarter last year.

Research analysts at Cantor Fitzgerald started coverage on shares of Valley National Bancorp (NASDAQ:VLY - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set an "overweight" rating on the stock.

Several other equities analysts also recently commented on the company. Jefferies Financial Group initiated coverage on Valley National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective on the stock. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Hovde Group initiated coverage on Valley National Bancorp in a research report on Wednesday. They issued an "outperform" rating and a $12.50 price objective on the stock. Finally, Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $11.38.

Valley National Bancorp Stock Performance

NASDAQ:VLY opened at $10.71 on Tuesday. The stock's fifty day moving average is $9.82 and its 200 day moving average is $9.14. Valley National Bancorp has a fifty-two week low of $7.48 and a fifty-two week high of $11.10. The firm has a market capitalization of $5.99 billion, a PE ratio of 13.73 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.

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 for the quarter, beating the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same quarter in the prior year, the firm posted $0.13 EPS. Valley National Bancorp's quarterly revenue was up 9.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current year.

Institutional Investors Weigh In On Valley National Bancorp

A number of institutional investors have recently added to or reduced their stakes in VLY. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Valley National Bancorp in the first quarter valued at about $35,000. Farther Finance Advisors LLC raised its stake in Valley National Bancorp by 206.6% in the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after buying an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Valley National Bancorp in the fourth quarter valued at about $39,000. Atlantic Union Bankshares Corp purchased a new stake in Valley National Bancorp in the second quarter valued at about $39,000. Finally, Brown Lisle Cummings Inc. purchased a new stake in Valley National Bancorp in the first quarter valued at about $39,000. Institutional investors 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.