Valley National Bancorp (NASDAQ:VLY) Raised to "Overweight" at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Monday, Marketbeat reports. The brokerage currently has a $11.00 price objective on the stock, up from their previous price objective of $10.50. JPMorgan Chase & Co.'s price target indicates a potential upside of 7.32% from the company's previous close.

A number of other equities analysts have also issued reports on VLY. Barclays upgraded Valley National Bancorp from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $9.00 to $10.00 in a research note on Thursday, October 31st. Wedbush reaffirmed a "neutral" rating and set a $10.00 target price on shares of Valley National Bancorp in a report on Friday, October 25th. Morgan Stanley upped their target price on Valley National Bancorp from $9.50 to $10.00 and gave the company an "equal weight" rating in a research report on Monday, September 30th. Piper Sandler increased their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Finally, Royal Bank of Canada increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $9.88.

Valley National Bancorp Stock Up 2.9 %

NASDAQ VLY traded up $0.29 during trading on Monday, hitting $10.25. The company's stock had a trading volume of 11,105,352 shares, compared to its average volume of 6,049,131. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The company has a market cap of $5.22 billion, a PE ratio of 16.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. The business's 50 day simple moving average is $9.02 and its 200-day simple moving average is $8.05.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The company had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. During the same quarter in the previous year, the firm earned $0.26 EPS. On average, equities analysts anticipate that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new position in shares of Valley National Bancorp in the 3rd quarter worth approximately $25,000. Innealta Capital LLC purchased a new position in shares of Valley National Bancorp in the second quarter valued at approximately $38,000. EntryPoint Capital LLC purchased a new stake in Valley National Bancorp during the 1st quarter worth approximately $43,000. Blue Trust Inc. increased its stake in Valley National Bancorp by 48.2% during the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock worth $44,000 after buying an additional 1,564 shares during the period. Finally, Hexagon Capital Partners LLC lifted its holdings in Valley National Bancorp by 416.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company's stock worth $56,000 after buying an additional 5,001 shares in 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 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.