Valley National Bancorp (NASDAQ:VLY) Upgraded by JPMorgan Chase & Co. to Overweight Rating

JPMorgan Chase & Co. upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a neutral rating to an overweight rating in a report issued on Monday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $11.00 target price on the stock, up from their prior target price of $10.50.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price objective 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. Barclays upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $9.00 to $10.00 in a research report on Thursday, October 31st. Morgan Stanley lifted their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.88.

Valley National Bancorp Stock Down 0.4 %

Valley National Bancorp stock opened at $10.14 on Monday. The stock has a market cap of $5.16 billion, a PE ratio of 16.35 and a beta of 1.07. 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 stock has a fifty day moving average of $9.12 and a 200 day moving average of $8.10. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the prior year, the business earned $0.26 EPS. As a group, sell-side analysts predict that Valley National Bancorp will post 0.66 EPS for the current year.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.11 dividend. The ex-dividend date 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%.

Hedge Funds Weigh In On Valley National Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in Valley National Bancorp in the third quarter worth $25,000. Innealta Capital LLC purchased a new stake in shares of Valley National Bancorp during the 2nd quarter valued at about $38,000. EntryPoint Capital LLC bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $43,000. Blue Trust Inc. grew its position in Valley National Bancorp by 48.2% in 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 in the last quarter. Finally, Hexagon Capital Partners LLC increased its stake in Valley National Bancorp by 416.8% during 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 during the last quarter. Hedge funds and other 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.