Valley National Bancorp (NASDAQ:VLY) Given New $10.50 Price Target at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its target price lowered by JPMorgan Chase & Co. from $11.50 to $10.50 in a report published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts also recently commented on the stock. Barclays increased their target price 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. Piper Sandler upped their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Royal Bank of Canada boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Morgan Stanley lifted their price target 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.39.

Valley National Bancorp Trading Down 1.8 %

Shares of VLY stock opened at $8.90 on Tuesday. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The stock has a 50 day simple moving average of $9.88 and a two-hundred day simple moving average of $8.83. The company has a market cap of $4.53 billion, a P/E ratio of 14.35 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the prior year, the firm earned $0.26 earnings per share. Research analysts forecast that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date of this dividend was Friday, December 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. bought a new stake in shares of Valley National Bancorp during the third quarter valued at approximately $25,000. Blue Trust Inc. lifted 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 valued at $44,000 after acquiring an additional 1,564 shares during the period. Hexagon Capital Partners LLC grew its stake in shares of Valley National Bancorp by 416.8% in the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock worth $56,000 after acquiring an additional 5,001 shares during the period. GAMMA Investing LLC raised its holdings in shares of Valley National Bancorp by 46.4% during the third 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 during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Valley National Bancorp by 557.0% during the third quarter. International Assets Investment Management LLC now owns 8,679 shares of the company’s stock valued at $79,000 after purchasing an additional 7,358 shares during the period. 61.00% of the stock is currently owned by institutional investors.

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.