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

JPMorgan Chase & Co. upgraded shares of Valley National Bancorp (NASDAQ:VLY) from a neutral rating to an overweight rating in a report issued on Monday, Marketbeat.com reports. JPMorgan Chase & Co. currently has $11.00 target price on the stock, up from their previous target price of $10.50.

Other analysts have also issued research reports about the stock. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Piper Sandler raised their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Morgan Stanley raised their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Finally, Wedbush reissued a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. One equities research 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.88.

Valley National Bancorp Trading Up 2.8 %

VLY opened at $10.24 on Monday. The firm has a market capitalization of $5.21 billion, a P/E ratio of 16.52 and a beta of 1.07. The firm’s 50 day moving average is $9.05 and its 200-day moving average is $8.06. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The company 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 quarter last year, the firm posted $0.26 earnings per share. Analysts expect that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.30%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Valley National Bancorp in the first quarter worth about $1,021,000. State Board of Administration of Florida Retirement System lifted its holdings in Valley National Bancorp by 74.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after purchasing an additional 106,290 shares during the period. Edgestream Partners L.P. lifted its holdings in Valley National Bancorp by 821.0% in the first quarter. Edgestream Partners L.P. now owns 392,578 shares of the company’s stock worth $3,125,000 after purchasing an additional 349,954 shares during the period. Waterfall Asset Management LLC acquired a new stake in Valley National Bancorp in the second quarter worth about $1,693,000. Finally, Nisa Investment Advisors LLC lifted its holdings in Valley National Bancorp by 34.2% in the second quarter. Nisa Investment Advisors LLC now owns 156,020 shares of the company’s stock worth $1,107,000 after purchasing an additional 39,750 shares during the period. Institutional investors and hedge funds 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.