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

Valley National Bancorp (NASDAQ:VLY) had its price objective cut by JPMorgan Chase & Co. from $11.50 to $10.50 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued reports about the stock. Piper Sandler upped their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Morgan Stanley raised their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Finally, Stephens reissued an “overweight” rating and set a $12.50 target price on shares of Valley National Bancorp in a research report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Valley National Bancorp has a consensus rating of “Hold” and a consensus target price of $10.39.

Valley National Bancorp Price Performance

Shares of VLY stock opened at $8.99 on Tuesday. The stock has a 50 day moving average price of $9.86 and a 200 day moving average price of $8.84. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The firm has a market capitalization of $4.58 billion, a P/E ratio of 14.50 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. 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 $0.26 earnings per share. As a group, sell-side analysts predict that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date was Friday, December 13th. Valley National Bancorp’s payout ratio is currently 70.97%.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new position in shares of Valley National Bancorp during the third quarter worth $25,000. Blue Trust Inc. raised its stake in Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock valued at $44,000 after buying an additional 1,564 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Valley National Bancorp by 416.8% in the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after acquiring an additional 5,001 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after acquiring an additional 2,151 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Valley National Bancorp by 557.0% during the third quarter. International Assets Investment Management LLC now owns 8,679 shares of the company’s stock valued at $79,000 after acquiring an additional 7,358 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.