JPMorgan Chase & Co. Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.50

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

VLY has been the topic of several other reports. Barclays upped their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Citigroup reduced their price objective on Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, December 31st. Piper Sandler lifted their price target 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. Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Finally, StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Valley National Bancorp presently has an average rating of “Hold” and a consensus price target of $10.39.

Valley National Bancorp Trading Up 1.0 %

VLY opened at $8.99 on Tuesday. The business has a 50 day moving average of $9.86 and a 200-day moving average of $8.84. 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 $4.58 billion, a PE ratio of 14.50 and a beta of 1.12. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million during the quarter, compared to analyst estimates of $467.87 million. During the same period last year, the business earned $0.26 earnings per share. Equities research analysts predict that Valley National Bancorp will post 0.65 earnings per share for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a dividend of $0.11 per share. The ex-dividend date was Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.89%. Valley National Bancorp’s payout ratio is 70.97%.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds have recently made changes to their positions in the company. Townsquare Capital LLC increased its stake in Valley National Bancorp by 11.8% in the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock worth $130,000 after acquiring an additional 1,521 shares during the last quarter. Blue Trust Inc. increased 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 purchasing an additional 1,564 shares during the last quarter. HighTower Advisors LLC raised its stake in Valley National Bancorp by 6.0% during the third quarter. HighTower Advisors LLC now owns 31,831 shares of the company’s stock valued at $291,000 after purchasing an additional 1,806 shares in the last quarter. GAMMA Investing LLC lifted its position in Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after purchasing an additional 2,151 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of Valley National Bancorp by 7.6% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock worth $276,000 after buying an additional 2,154 shares during the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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.