Valley National Bancorp (NASDAQ:VLY) Raised to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a neutral rating to an overweight rating in a research report sent to investors on Monday, MarketBeat.com reports. They currently have $11.00 price target on the stock, up from their previous price target of $10.50.

Several other equities research analysts have also recently weighed in on VLY. Royal Bank of Canada increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Morgan Stanley lifted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Piper Sandler upped their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Wedbush reaffirmed a “neutral” rating and set a $10.00 target price on shares of Valley National Bancorp in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.88.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $10.14 on Monday. 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 has a one year low of $6.47 and a one year high of $11.22. The stock has a market capitalization of $5.16 billion, a P/E ratio of 16.35 and a beta of 1.07. The business’s 50 day simple moving average is $9.12 and its two-hundred day simple moving average is $8.10.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The business had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same quarter in the prior year, the company posted $0.26 EPS. Analysts forecast that Valley National Bancorp will post 0.66 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.34%. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Valley National Bancorp in the 1st quarter worth approximately $1,021,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of Valley National Bancorp by 74.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock valued at $1,977,000 after purchasing an additional 106,290 shares in the last quarter. Edgestream Partners L.P. boosted its position in shares of Valley National Bancorp by 821.0% during the first quarter. Edgestream Partners L.P. now owns 392,578 shares of the company’s stock valued at $3,125,000 after buying an additional 349,954 shares during the last quarter. Waterfall Asset Management LLC bought a new stake in Valley National Bancorp in the 2nd quarter worth about $1,693,000. Finally, Nisa Investment Advisors LLC raised its position in Valley National Bancorp by 34.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock worth $1,107,000 after buying an additional 39,750 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Company Profile

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.