Valley National Bancorp (NASDAQ:VLY) PT Raised to $10.00 at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its price target increased by investment analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 12.87% from the stock’s previous close.

A number of other equities analysts also recently commented on VLY. Barclays dropped their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Keefe, Bruyette & Woods increased their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Royal Bank of Canada increased their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Wedbush increased their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. Finally, Morgan Stanley upped their target price on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Hold” and an average target price of $8.88.

Valley National Bancorp Price Performance

Shares of VLY opened at $8.86 on Wednesday. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 10.42 and a beta of 1.08. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The business’s 50-day moving average is $8.49 and its 200-day moving average is $7.77.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The firm had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. During the same quarter in the prior year, the company posted $0.28 EPS. Equities research analysts expect that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position in Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock worth $4,874,000 after purchasing an additional 484,332 shares during the period. SG Americas Securities LLC bought a new position in Valley National Bancorp in the first quarter worth $1,021,000. State Board of Administration of Florida Retirement System lifted its position in Valley National Bancorp by 74.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after purchasing an additional 106,290 shares during the period. State of Michigan Retirement System lifted its position in Valley National Bancorp by 2.4% in the first quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after purchasing an additional 2,500 shares during the period. Finally, Cornerstone Wealth Group LLC bought a new position in Valley National Bancorp in the first quarter worth $504,000. 61.00% of the stock is owned by institutional investors.

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.