Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $11.00 at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its price objective lifted by analysts at JPMorgan Chase & Co. from $10.50 to $11.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 8.28% from the stock’s previous close.

A number of other research firms have also recently commented on VLY. Stephens reiterated an “overweight” rating and set a $12.50 price target on shares of Valley National Bancorp in a report on Thursday, January 2nd. Piper Sandler boosted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Royal Bank of Canada upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Citigroup dropped their price objective on shares of Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp has an average rating of “Hold” and a consensus price target of $10.44.

Valley National Bancorp Stock Up 3.9 %

Shares of NASDAQ:VLY traded up $0.38 during midday trading on Friday, reaching $10.16. The company had a trading volume of 3,786,460 shares, compared to its average volume of 8,247,840. The business’s 50 day moving average price is $9.75 and its 200 day moving average price is $9.02. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.10. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The stock has a market cap of $5.17 billion, a PE ratio of 16.36 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02). 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 firm earned $0.22 earnings per share. Research analysts forecast that Valley National Bancorp will post 0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds have recently bought and sold shares of VLY. Renaissance Technologies LLC acquired a new position in Valley National Bancorp during the second quarter valued at approximately $1,174,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Valley National Bancorp by 61.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 52,941 shares of the company’s stock worth $365,000 after buying an additional 20,091 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Valley National Bancorp by 21.0% in the second quarter. Hsbc Holdings PLC now owns 231,347 shares of the company’s stock valued at $1,603,000 after buying an additional 40,121 shares in the last quarter. Intech Investment Management LLC bought a new position in Valley National Bancorp in the second quarter valued at about $264,000. Finally, AE Wealth Management LLC bought a new position in shares of Valley National Bancorp in the second quarter worth about $81,000. 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.