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

Analysts at Jefferies Financial Group assumed coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a research note issued on Wednesday, Marketbeat.com reports. The firm set a “hold” rating and a $10.00 price target on the stock. Jefferies Financial Group’s target price suggests a potential upside of 15.07% from the company’s previous close.

A number of other brokerages also recently weighed in on VLY. Truist Financial started coverage on shares of Valley National Bancorp in a report on Tuesday, May 13th. They issued a “hold” rating and a $10.00 price target on the stock. Piper Sandler upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price target on the stock in a research report on Monday, March 24th. Citigroup upped their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Barclays decreased their price target on Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Valley National Bancorp presently has an average rating of “Hold” and a consensus target price of $10.55.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $8.69 on Wednesday. The company has a market cap of $4.87 billion, a price-to-earnings ratio of 12.59 and a beta of 1.05. The firm has a 50 day moving average of $8.66 and a 200-day moving average of $9.38. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $479.67 million for the quarter, compared to analysts’ expectations of $483.98 million. Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, equities analysts forecast 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 large investors have recently added to or reduced their stakes in VLY. Hennion & Walsh Asset Management Inc. raised its position in Valley National Bancorp by 17.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company’s stock valued at $323,000 after purchasing an additional 5,181 shares in the last quarter. SG Americas Securities LLC raised its position in Valley National Bancorp by 22.4% during the fourth quarter. SG Americas Securities LLC now owns 56,228 shares of the company’s stock valued at $509,000 after purchasing an additional 10,300 shares in the last quarter. KBC Group NV raised its position in Valley National Bancorp by 24.8% during the fourth quarter. KBC Group NV now owns 18,035 shares of the company’s stock valued at $163,000 after purchasing an additional 3,585 shares in the last quarter. Pacer Advisors Inc. raised its position in Valley National Bancorp by 8.8% during the fourth quarter. Pacer Advisors Inc. now owns 67,976 shares of the company’s stock valued at $616,000 after purchasing an additional 5,503 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in Valley National Bancorp during the fourth quarter valued at about $25,000. Hedge funds and other 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.