Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $13.00 at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its target price increased by JPMorgan Chase & Co. from $11.00 to $13.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Wall Street Zen cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, September 20th. Cowen began coverage on Valley National Bancorp in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Jefferies Financial Group raised Valley National Bancorp from a “hold” rating to a “buy” rating and increased their price target for the stock from $11.00 to $14.00 in a research note on Wednesday, September 24th. Hovde Group started coverage on Valley National Bancorp in a report on Wednesday, September 10th. They issued an “outperform” rating and a $12.50 price objective for the company. Finally, Cantor Fitzgerald assumed coverage on Valley National Bancorp in a report on Wednesday, September 10th. They issued an “overweight” rating and a $12.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.54.

Valley National Bancorp Trading Up 0.7%

NASDAQ:VLY opened at $10.64 on Wednesday. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.14. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 13.64 and a beta of 1.12. The business has a fifty day moving average of $10.21 and a 200-day moving average of $9.33. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.The company had revenue of $495.01 million during the quarter, compared to analysts’ expectations of $495.79 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Monday, September 15th. Valley National Bancorp’s dividend payout ratio is 56.41%.

Institutional Trading of Valley National Bancorp

Large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Valley National Bancorp by 5.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 44,674 shares of the company’s stock valued at $405,000 after buying an additional 2,125 shares in the last quarter. GAMMA Investing LLC boosted its position in Valley National Bancorp by 988.5% during the 1st quarter. GAMMA Investing LLC now owns 82,899 shares of the company’s stock worth $737,000 after acquiring an additional 75,283 shares during the period. Merit Financial Group LLC purchased a new position in Valley National Bancorp during the 1st quarter valued at about $260,000. Breakwater Capital Group acquired a new position in shares of Valley National Bancorp in the 1st quarter valued at about $135,000. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Valley National Bancorp in the first quarter worth approximately $209,000. 61.00% of the stock is owned by institutional investors and hedge funds.

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.