Valley National Bancorp (NASDAQ:VLY) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a neutral rating to an overweight rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have $11.00 price objective on the stock, up from their previous price objective of $10.50.

A number of other analysts have also recently weighed in on VLY. Barclays raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $9.00 to $10.00 in a research report on Thursday, October 31st. Keefe, Bruyette & Woods increased their price target 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. Wedbush reiterated a “neutral” rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Royal Bank of Canada upped their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Finally, Piper Sandler lifted their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.88.

Valley National Bancorp Trading Up 0.4 %

NASDAQ:VLY opened at $10.18 on Monday. The company has a market capitalization of $5.18 billion, a PE ratio of 16.42 and a beta of 1.07. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The stock’s 50 day moving average price is $9.08 and its 200 day moving average price is $8.08. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $467.87 million. During the same quarter in the prior year, the business earned $0.26 EPS. On average, research analysts anticipate that Valley National Bancorp will post 0.66 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 annualized dividend and a yield of 4.32%. Valley National Bancorp’s dividend payout ratio is presently 70.97%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of VLY. Harbor Capital Advisors Inc. purchased a new stake in shares of Valley National Bancorp in the third quarter valued at $25,000. Innealta Capital LLC purchased a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $38,000. EntryPoint Capital LLC purchased a new position in shares of Valley National Bancorp in the 1st quarter worth about $43,000. Blue Trust Inc. raised its holdings in Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock valued at $44,000 after buying an additional 1,564 shares during the period. Finally, Hexagon Capital Partners LLC grew 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 buying an additional 5,001 shares during the period. 61.00% of the stock is 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.