JPMorgan Chase & Co. Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.50

Valley National Bancorp (NASDAQ:VLY - Free Report) had its price objective cut by JPMorgan Chase & Co. from $11.50 to $10.50 in a report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently issued reports on VLY. Stephens restated an "overweight" rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Wedbush reiterated a "neutral" rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Piper Sandler raised their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Barclays boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Thursday, December 5th. Finally, Citigroup decreased their target price on shares of Valley National Bancorp from $10.50 to $10.00 and set a "neutral" rating on the stock in a research report on Tuesday, December 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $10.39.

Valley National Bancorp Stock Performance

VLY traded down $0.16 during trading on Tuesday, hitting $8.90. The stock had a trading volume of 6,972,211 shares, compared to its average volume of 7,061,153. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The company has a 50 day simple moving average of $9.90 and a 200-day simple moving average of $8.82. The firm has a market cap of $4.53 billion, a PE ratio of 14.35 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $921.22 million during the quarter, compared to analysts' expectations of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the previous year, the firm earned $0.26 EPS. Analysts expect that Valley National Bancorp will post 0.65 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.94%. The ex-dividend date was Friday, December 13th. Valley National Bancorp's payout ratio is currently 70.97%.

Institutional Trading of Valley National Bancorp

Large investors have recently made changes to their positions in the business. Kestra Investment Management LLC acquired a new position in Valley National Bancorp during the 3rd quarter worth about $515,000. Intech Investment Management LLC raised its stake in shares of Valley National Bancorp by 332.7% in the third quarter. Intech Investment Management LLC now owns 163,478 shares of the company's stock worth $1,481,000 after acquiring an additional 125,695 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of Valley National Bancorp by 6.0% during the third quarter. HighTower Advisors LLC now owns 31,831 shares of the company's stock worth $291,000 after purchasing an additional 1,806 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Valley National Bancorp by 66.1% during the third quarter. Stifel Financial Corp now owns 217,312 shares of the company's stock valued at $1,969,000 after purchasing an additional 86,473 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Valley National Bancorp by 1,501.7% in the third 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 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.