Cantor Fitzgerald Begins Coverage on Valley National Bancorp (NASDAQ:VLY)

Analysts at Cantor Fitzgerald started coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a note issued to investors on Wednesday, Marketbeat reports. The brokerage set an “overweight” rating and a $12.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 11.32% from the company’s current price.

Several other analysts also recently weighed in on the company. Barclays restated an “underweight” rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Wall Street Zen upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Royal Bank Of Canada raised 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. Truist Financial upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Friday, July 25th. Finally, Morgan Stanley raised 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. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Valley National Bancorp Stock Up 0.7%

Shares of NASDAQ VLY opened at $10.78 on Wednesday. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $11.10. The company has a market cap of $6.03 billion, a P/E ratio of 13.82 and a beta of 1.13. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average price of $9.84 and a 200 day moving average price of $9.15.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) 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 firm had revenue of $495.01 million during the quarter, compared to the consensus estimate of $495.79 million. During the same period in the prior year, the firm earned $0.13 EPS. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. Research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

Several large investors have recently modified their holdings of VLY. AQR Capital Management LLC lifted its position in shares of Valley National Bancorp by 101.5% during the first 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 last quarter. Wedge Capital Management L L P NC bought a new position in shares of Valley National Bancorp during the first quarter worth about $32,286,000. Norges Bank bought a new position in shares of Valley National Bancorp during the second quarter worth about $31,276,000. Goldman Sachs Group Inc. lifted its position in shares of Valley National Bancorp by 43.4% during the first 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 last quarter. Finally, Nuveen LLC bought a new position in shares of Valley National Bancorp during the first quarter worth about $15,890,000. 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.