Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $10.00 at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 12.87% from the company’s previous close.

A number of other analysts have also weighed in on the company. Barclays lowered their target price on 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. Wedbush raised their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. Royal Bank of Canada raised 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 raised 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. Finally, StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $8.88.

Valley National Bancorp Stock Performance

Valley National Bancorp stock opened at $8.86 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a fifty day moving average price of $8.49 and a two-hundred day moving average price of $7.77. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The firm has a market capitalization of $4.51 billion, a P/E ratio of 10.42 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The company had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. During the same quarter in the prior year, the company earned $0.28 earnings per share. As a group, analysts anticipate that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC bought a new position in Valley National Bancorp during the second quarter worth about $38,000. EntryPoint Capital LLC bought a new position in shares of Valley National Bancorp during the 1st quarter valued at about $43,000. Hexagon Capital Partners LLC lifted its holdings in shares of Valley National Bancorp by 416.8% during the 3rd 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 in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Valley National Bancorp by 46.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after purchasing an additional 2,151 shares in the last quarter. Finally, Wolverine Asset Management LLC lifted its holdings in shares of Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock valued at $65,000 after purchasing an additional 5,560 shares in 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.