Valley National Bancorp (NASDAQ:VLY) Given New $14.50 Price Target at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $14.00 to $14.50 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 21.70% from the stock’s previous close.

Other research analysts have also issued reports about the stock. TD Cowen raised their target price on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Hovde Group began coverage on Valley National Bancorp in a report on Wednesday, September 10th. They issued an “outperform” rating and a $12.50 price target for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Truist Financial upped their target price on Valley National Bancorp from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, Wall Street Zen raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.37.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock traded up $0.01 during trading hours on Tuesday, reaching $11.92. 1,916,107 shares of the company’s stock were exchanged, compared to its average volume of 9,377,208. The business has a fifty day moving average of $10.96 and a two-hundred day moving average of $10.17. The company has a market capitalization of $6.64 billion, a P/E ratio of 13.53 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $12.09.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. The firm had revenue of $511.08 million for the quarter, compared to the consensus estimate of $511.47 million. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share. As a group, research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Institutional Trading of Valley National Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of VLY. Nuveen LLC acquired a new position in Valley National Bancorp in the first quarter valued at about $15,890,000. Russell Investments Group Ltd. raised its stake in shares of Valley National Bancorp by 35.2% in the 1st quarter. Russell Investments Group Ltd. now owns 361,845 shares of the company’s stock valued at $3,216,000 after acquiring an additional 94,289 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Valley National Bancorp in the 1st quarter worth approximately $35,000. Martingale Asset Management L P lifted its holdings in shares of Valley National Bancorp by 211.5% in the 1st quarter. Martingale Asset Management L P now owns 93,504 shares of the company’s stock worth $831,000 after acquiring an additional 63,483 shares during the last quarter. Finally, CW Advisors LLC purchased a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $592,000. 61.00% of the stock is 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.