Valley National Bancorp (NASDAQ:VLY) Coverage Initiated at Hovde Group

Stock analysts at Hovde Group started coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a research report issued on Wednesday, MarketBeat reports. The firm set an “outperform” rating and a $12.50 price target on the stock. Hovde Group’s price target would indicate a potential upside of 15.96% from the stock’s previous close.

A number of other research firms have also recently weighed in on VLY. Truist Financial upgraded shares of 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. Barclays reissued an “underweight” rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Wall Street Zen raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Jefferies Financial Group initiated coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $10.00 target price for the company. Finally, Royal Bank Of Canada boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. One research 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $10.78 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. Valley National Bancorp has a 1-year low of $7.48 and a 1-year high of $11.10. The company has a market capitalization of $6.03 billion, a P/E ratio of 13.82 and a beta of 1.13. The firm’s 50 day simple moving average is $9.84 and its two-hundred day simple moving average is $9.15.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. Research analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Valley National Bancorp by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company’s stock worth $267,054,000 after purchasing an additional 1,377,676 shares during the period. Geode Capital Management LLC grew its stake in shares of Valley National Bancorp by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 12,791,712 shares of the company’s stock worth $114,242,000 after purchasing an additional 499,647 shares during the period. AQR Capital Management LLC grew its stake in shares of Valley National Bancorp by 101.5% during the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company’s stock worth $89,308,000 after purchasing an additional 5,147,786 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Valley National Bancorp by 43.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company’s stock worth $90,810,000 after purchasing an additional 3,091,169 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Valley National Bancorp by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company’s stock worth $69,494,000 after purchasing an additional 204,942 shares during the period. 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.