Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 11.86% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Morgan Stanley increased their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wedbush raised their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Barclays decreased their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Royal Bank of Canada raised their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and a consensus target price of $8.88.

Valley National Bancorp Stock Performance

Shares of VLY stock traded up $0.19 during trading on Wednesday, reaching $8.94. 4,529,673 shares of the company’s stock traded hands, compared to its average volume of 5,880,320. The company has a market capitalization of $4.55 billion, a P/E ratio of 10.52 and a beta of 1.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The firm’s 50-day moving average is $8.46 and its 200 day moving average is $7.76. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22.

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

Institutional Investors Weigh In On Valley National Bancorp

Several large investors have recently bought and sold shares of VLY. Hexagon Capital Partners LLC boosted its stake in shares of Valley National Bancorp by 416.8% during the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after purchasing an additional 5,001 shares during the period. CWM LLC lifted its position in shares of Valley National Bancorp by 171.9% during the third quarter. CWM LLC now owns 22,232 shares of the company’s stock valued at $201,000 after buying an additional 14,054 shares during the last quarter. Ignite Planners LLC boosted its stake in Valley National Bancorp by 3.4% in the 3rd quarter. Ignite Planners LLC now owns 65,107 shares of the company’s stock worth $590,000 after purchasing an additional 2,170 shares in the last quarter. GAMMA Investing LLC boosted its stake in Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after purchasing an additional 2,151 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Valley National Bancorp by 189.7% during the 3rd quarter. SG Americas Securities LLC now owns 45,928 shares of the company’s stock worth $416,000 after buying an additional 30,073 shares during the last quarter. 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.