UBS Group Initiates Coverage on Valley National Bancorp (NASDAQ:VLY)

Research analysts at UBS Group assumed coverage on shares of Valley National Bancorp (NASDAQ:VLY) in a research report issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $15.00 price target on the stock. UBS Group’s target price would suggest a potential upside of 25.99% from the company’s current price.

A number of other research analysts also recently commented on the stock. Janney Montgomery Scott raised shares of Valley National Bancorp to a “strong-buy” rating in a research report on Wednesday, October 22nd. Cantor Fitzgerald boosted their price target on shares of Valley National Bancorp from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Keefe, Bruyette & Woods upped their price target on shares of Valley National Bancorp from $11.50 to $12.00 and gave the stock a “market perform” rating in a research note on Friday, October 24th. Wall Street Zen upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Finally, Cowen restated a “buy” rating on shares of Valley National Bancorp in a research note on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.37.

Valley National Bancorp Trading Down 0.0%

NASDAQ VLY traded down $0.00 on Monday, hitting $11.91. 2,332,881 shares of the stock were exchanged, compared to its average volume of 9,373,646. The company’s 50-day moving average price is $10.98 and its two-hundred day moving average price is $10.19. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $12.17. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 13.53 and a beta of 1.10.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.26 by $0.02. Valley National Bancorp had a return on equity of 6.67% and a net margin of 14.86%.The business had revenue of $511.08 million during the quarter, compared to analysts’ expectations of $511.47 million. During the same quarter last year, the firm posted $0.18 earnings per share. Valley National Bancorp’s revenue was up 8.5% compared to the same quarter last year. Research analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Institutional investors have recently modified their holdings of the company. Allworth Financial LP lifted its position in Valley National Bancorp by 2.0% during the 3rd quarter. Allworth Financial LP now owns 59,736 shares of the company’s stock worth $633,000 after acquiring an additional 1,198 shares during the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Valley National Bancorp by 77.9% in the third quarter. Swiss Life Asset Management Ltd now owns 23,883 shares of the company’s stock worth $253,000 after purchasing an additional 10,458 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Valley National Bancorp during the 3rd quarter worth about $4,753,000. CIBC Private Wealth Group LLC lifted its position in shares of Valley National Bancorp by 16.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 31,242 shares of the company’s stock worth $331,000 after purchasing an additional 4,509 shares during the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in Valley National Bancorp during the 3rd quarter valued at approximately $548,000. Institutional investors 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.