Valley National Bancorp (NASDAQ:VLY) Maintains "Buy" Rating and Sees Price Target Increase

Core Insights - Valley National Bancorp (NASDAQ: VLY) has received a "Buy" rating from Cowen & Co., with an increased price target from $14 to $15, indicating strong confidence in the stock's future performance [1][5] - The third-quarter earnings report revealed a significant 55.6% increase in profit, driven by higher net interest income and reduced provisions, leading to an adjusted earnings per share of $0.28, surpassing the Zacks Consensus Estimate of $0.26 [2][5] - The company's stock price has increased by 1.18%, currently trading at $11.11, with a market capitalization of approximately $6.22 billion [4][5] Financial Performance - Valley National's financial results were supported by both net interest and non-interest income, which helped offset rising expenses [3] - Despite a slight decline in loan balances, the company experienced deposit growth and improvements in capital ratios and profitability metrics [3] - Excluding non-core income and charges, net income reached $163.4 million, reflecting a 66.9% increase compared to the previous year [3]