JPMorgan Chase & Co. Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $15.50

Valley National Bancorp (NASDAQ:VLY) had its price target reduced by JPMorgan Chase & Co. from $17.00 to $15.50 in a research report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently issued reports on VLY. Royal Bank Of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Valley National Bancorp in a research report on Tuesday, September 29th. Piper Sandler upped their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research note on Friday, June 26th. TD Cowen reaffirmed a “buy” rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Morgan Stanley cut their price target on shares of Valley National Bancorp from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Monday, September 28th. Finally, UBS Group set a $17.00 price objective on shares of Valley National Bancorp in a research note on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp has an average rating of “Moderate Buy” and an average price target of $16.19.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $12.82 on Thursday. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of 10.86 and a beta of 1.07. The business’s 50 day moving average is $13.95 and its two-hundred day moving average is $13.71. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The business had revenue of $560.74 million during the quarter, compared to analyst estimates of $557.16 million. During the same period in the prior year, the business earned $0.23 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. Research analysts expect that Valley National Bancorp will post 1.27 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Tuesday, September 15th. Valley National Bancorp’s payout ratio is presently 37.29%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Valley National Bancorp by 5.7% in the second quarter. GAMMA Investing LLC now owns 15,999 shares of the company’s stock worth $234,000 after buying an additional 863 shares during the period. Waverly Advisors LLC boosted its holdings in shares of Valley National Bancorp by 5.8% during the first quarter. Waverly Advisors LLC now owns 20,546 shares of the company’s stock valued at $252,000 after acquiring an additional 1,124 shares during the period. Assetmark Inc. boosted its holdings in shares of Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock valued at $26,000 after acquiring an additional 1,189 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Valley National Bancorp by 3.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 38,985 shares of the company’s stock worth $455,000 after acquiring an additional 1,220 shares during the last quarter. Finally, Allworth Financial LP grew its position in shares of Valley National Bancorp by 2.3% during the second quarter. Allworth Financial LP now owns 68,078 shares of the company’s stock worth $997,000 after acquiring an additional 1,518 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.