JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Valley National Bancorp (NASDAQ:VLY) Stock

Valley National Bancorp (NASDAQ:VLY) had its price objective raised by JPMorgan Chase & Co. from $10.50 to $11.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 8.16% from the stock’s current price.

Several other brokerages have also recently issued reports on VLY. Barclays increased their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Morgan Stanley boosted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Citigroup reduced their price objective on Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 31st. Stephens reissued an “overweight” rating and set a $12.50 target price on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Finally, Piper Sandler increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.56.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $10.17 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $9.75 and a 200 day moving average price of $9.06. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The stock has a market cap of $5.18 billion, a P/E ratio of 16.40 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 EPS 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 period last year, the business posted $0.22 earnings per share. Sell-side analysts anticipate that Valley National Bancorp will post 0.64 earnings per share for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Valley National Bancorp by 2.8% in the third quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock valued at $101,170,000 after purchasing an additional 300,385 shares during the period. AQR Capital Management LLC lifted its position in shares of Valley National Bancorp by 193.2% during the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after acquiring an additional 6,703,552 shares during the period. Wellington Management Group LLP boosted its stake in shares of Valley National Bancorp by 384.2% during the 3rd quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock worth $81,276,000 after acquiring an additional 7,118,044 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Valley National Bancorp by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock worth $63,159,000 after acquiring an additional 98,574 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Valley National Bancorp by 1,501.7% in the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after purchasing an additional 5,322,278 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

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.