JPMorgan Chase & Co. Issues Positive Forecast for Valley National Bancorp (NASDAQ:VLY) Stock Price

Valley National Bancorp (NASDAQ:VLY) had its target price upped by JPMorgan Chase & Co. from $10.50 to $11.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently commented on VLY. Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. Royal Bank of Canada raised their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Piper Sandler boosted their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Barclays raised their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Finally, Stephens reiterated an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of “Hold” and an average target price of $10.56.

Valley National Bancorp Stock Up 4.0 %

Shares of NASDAQ VLY opened at $10.17 on Friday. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The firm has a 50-day simple moving average of $9.75 and a two-hundred day simple moving average of $9.08. The company has a market cap of $5.18 billion, a P/E ratio of 16.40 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same period in the prior year, the business earned $0.22 EPS. Research analysts anticipate that Valley National Bancorp will post 0.64 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Friday, December 13th. Valley National Bancorp’s payout ratio is 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in shares of Valley National Bancorp during the second quarter worth $1,174,000. Vanguard Personalized Indexing Management LLC increased its position in Valley National Bancorp by 61.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 52,941 shares of the company’s stock valued at $365,000 after buying an additional 20,091 shares in the last quarter. Hsbc Holdings PLC increased its position in Valley National Bancorp by 21.0% during the 2nd quarter. Hsbc Holdings PLC now owns 231,347 shares of the company’s stock valued at $1,603,000 after buying an additional 40,121 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Valley National Bancorp in the second quarter valued at about $264,000. Finally, AE Wealth Management LLC acquired a new stake in Valley National Bancorp in the second quarter worth about $81,000. Hedge funds and other 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.