Valley National Bancorp (NASDAQ:VLY) Given New $14.50 Price Target at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its target price reduced by JPMorgan Chase & Co. from $15.50 to $14.50 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 16.56% from the company’s current price.

VLY has been the subject of a number of other reports. Raymond James Financial raised shares of Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 target price for the company in a report on Friday, January 30th. Keefe, Bruyette & Woods increased their price objective on shares of Valley National Bancorp from $12.50 to $13.00 and gave the company a “market perform” rating in a research report on Friday, January 30th. Royal Bank Of Canada lifted their price objective on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Weiss Ratings upgraded shares of Valley National Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Finally, Citigroup restated a “buy” rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Valley National Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $14.64.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY traded up $0.16 during midday trading on Wednesday, reaching $12.44. 7,733,057 shares of the company were exchanged, compared to its average volume of 8,330,274. The stock has a market cap of $6.91 billion, a PE ratio of 12.32 and a beta of 1.07. The business’s fifty day moving average is $12.60 and its two-hundred day moving average is $11.68. Valley National Bancorp has a one year low of $7.48 and a one year high of $13.87. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Valley National Bancorp had a net margin of 17.11% and a return on equity of 7.92%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $524.31 million. During the same period in the previous year, the firm posted $0.13 EPS. Valley National Bancorp’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Insider Transactions at Valley National Bancorp

In other news, Director Carlos J. Vazquez bought 2,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was acquired at an average cost of $13.45 per share, with a total value of $33,625.00. Following the transaction, the director directly owned 4,252 shares in the company, valued at approximately $57,189.40. This trade represents a 142.69% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC purchased a new stake in shares of Valley National Bancorp during the fourth quarter valued at $26,000. First Horizon Corp boosted its holdings in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after buying an additional 1,108 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of Valley National Bancorp during the 4th quarter worth about $39,000. Smartleaf Asset Management LLC boosted its position in Valley National Bancorp by 77.4% during the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock worth $48,000 after purchasing an additional 1,996 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in Valley National Bancorp by 24.5% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after acquiring an additional 855 shares during the period. Institutional investors own 61.00% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.