$VLY

Valley National Bancorp (VLY) has experienced recent softness in share price, declining 1% over the past month and 4% over three months, yet shows stronger long-term momentum with a 10.61% year-to-date gain and 47.10% total shareholder return over one year. The stock is currently trading at US$12.93, with an indicated intrinsic discount of approximately 53% and a narrative fair value of US$15.71, suggesting it is undervalued. The growth narrative is supported by accelerating growth in commercial and specialty deposit accounts, which are expected to lead to lower funding costs and enhanced net interest margin, although risks associated with commercial real estate exposure and regional concentration are noted.