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

Valley National Bancorp (NASDAQ:VLY) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a report released 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 research analysts also recently issued reports about the company. Royal Bank of Canada lifted their target price on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley upped their target price on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Keefe, Bruyette & Woods upped their target price on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday, July 26th. Barclays lowered their price target on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Finally, StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.88.

Valley National Bancorp Trading Up 2.2 %

Valley National Bancorp stock traded up $0.19 during trading hours on Wednesday, hitting $8.94. The company had a trading volume of 4,529,673 shares, compared to its average volume of 5,880,320. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $4.55 billion, a P/E ratio of 10.52 and a beta of 1.08. The company has a 50-day moving average price of $8.46 and a two-hundred day moving average price of $7.76.

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

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently added to or reduced their stakes in VLY. Innealta Capital LLC bought a new position in shares of Valley National Bancorp during the second quarter worth approximately $38,000. EntryPoint Capital LLC acquired a new position in shares of Valley National Bancorp during the first quarter worth $43,000. Hexagon Capital Partners LLC lifted its holdings 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 worth $56,000 after purchasing an additional 5,001 shares during the period. GAMMA Investing LLC lifted its holdings in Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after buying an additional 2,151 shares during the period. Finally, Wolverine Asset Management LLC lifted its holdings in Valley National Bancorp by 147.7% in the second quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock valued at $65,000 after buying an additional 5,560 shares during the period. 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.