JPMorgan Chase & Co. Boosts Valley National Bancorp (NASDAQ:VLY) Price Target to $11.00

Valley National Bancorp (NASDAQ:VLY) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $10.50 to $11.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 8.28% from the stock’s previous close.

A number of other research firms have also recently issued reports on VLY. Piper Sandler lifted 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. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Citigroup decreased their price target on shares of Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 31st. Royal Bank of Canada boosted their price objective 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. Finally, Barclays increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus target price of $10.44.

Valley National Bancorp Price Performance

NASDAQ:VLY traded up $0.38 on Friday, reaching $10.16. The stock had a trading volume of 3,786,460 shares, compared to its average volume of 8,247,840. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $5.17 billion, a P/E ratio of 16.36 and a beta of 1.12. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The stock has a fifty day moving average price of $9.75 and a 200-day moving average price of $9.02.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate 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 last year, the company earned $0.22 earnings per share. Research analysts forecast that Valley National Bancorp will post 0.64 EPS for the current year.

Institutional Investors Weigh In On Valley National Bancorp

Several large investors have recently bought and sold shares of VLY. Harbor Capital Advisors Inc. bought a new position in Valley National Bancorp during the third quarter worth about $25,000. R Squared Ltd bought a new stake in shares of Valley National Bancorp during the fourth quarter worth $25,000. Blue Trust Inc. raised its holdings in shares of Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after acquiring an additional 1,564 shares during the period. Hexagon Capital Partners LLC lifted its position in Valley National Bancorp by 416.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after acquiring an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after purchasing an additional 2,151 shares during the period. 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.