Piper Sandler Sticks to Its Hold Rating for Valley National Bancorp (VLY)

Piper Sandler analyst Frank Schiraldi maintained a Hold rating on Valley National Bancorp (VLY – Research Report) today and set a price target of $9.00. The company’s shares closed yesterday at $7.77.

Schiraldi covers the Financial sector, focusing on stocks such as Bancorp, Fulton Financial, and M&T Bank. According to TipRanks, Schiraldi has an average return of 12.0% and a 56.18% success rate on recommended stocks.

Valley National Bancorp has an analyst consensus of Hold, with a price target consensus of $9.39, representing a 20.85% upside. In a report released yesterday, Wedbush also maintained a Hold rating on the stock with a $8.00 price target.

Based on Valley National Bancorp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $71.55 million. In comparison, last year the company had a net profit of $177.59 million

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is neutral on the stock.

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Valley National Bancorp (VLY) Company Description:

Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending; Commercial Lending; Investment Management; and Corporate and other adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management services including trust, asset management, insurance services, and asset-based lending support. The Commercial Lending segment refers to the floating rate and adjustable rate commercial and industrial loans as well as fixed rate owner occupied and commercial real estate loans. The Investment Management segment is the investments in various types of securities and interest-bearing deposits with other banks which focus on fixed rate securities, federal funds sold and interest-bearing deposits with banks. The Corporate and Other Adjustments segment relates to income and expense items not directly attributable to a specific segment. The company was founded in 1983 and is headquartered in Wayne, NJ.