JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Valley National Bancorp (NASDAQ:VLY) Stock

Key Points

• JPMorgan Chase & Co. has raised its target price for Valley National Bancorp (NASDAQ:VLY) from $13.00 to $14.00, indicating a potential upside of 25.19% from the stock's previous close.
• Thirteen investment analysts currently have a Buy rating on the stock, contributing to a consensus rating of "Moderate Buy" with an average target price of $12.75.
• Valley National Bancorp reported an EPS of $0.28 for the last quarter, exceeding analyst estimates of $0.26, with quarterly revenue rising by 8.5% year-over-year.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its target price raised by research analysts at JPMorgan Chase & Co. from $13.00 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 25.19% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Weiss Ratings restated a "hold (c+)" rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Cowen assumed coverage on shares of Valley National Bancorp in a report on Wednesday, September 24th. They set a "buy" rating for the company. Truist Financial raised their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a "buy" rating in a report on Friday, September 12th. TD Cowen started coverage on shares of Valley National Bancorp in a report on Thursday, September 25th. They set a "buy" rating and a $14.00 price target for the company. Finally, Barclays reaffirmed a "positive" rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.75.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY opened at $11.18 on Friday. The firm has a market cap of $6.26 billion, a PE ratio of 14.26 and a beta of 1.12. The firm's 50 day simple moving average is $10.49 and its 200-day simple moving average is $9.49. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.16. 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 - Get Free Report) last issued its earnings results on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business had revenue of $511.11 million for the quarter, compared to analyst estimates of $511.47 million. During the same period last year, the company posted $0.18 earnings per share. The company's quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.

Institutional Trading of Valley National Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Valley National Bancorp during the first quarter worth about $35,000. Atlantic Union Bankshares Corp bought a new position in shares of Valley National Bancorp during the second quarter worth about $39,000. Hantz Financial Services Inc. grew its position in shares of Valley National Bancorp by 11,831.1% during the second quarter. Hantz Financial Services Inc. now owns 5,369 shares of the company's stock worth $48,000 after acquiring an additional 5,324 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Valley National Bancorp by 244.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock worth $53,000 after acquiring an additional 4,177 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Valley National Bancorp by 23.2% during the second quarter. Signaturefd LLC now owns 6,895 shares of the company's stock worth $62,000 after acquiring an additional 1,297 shares during 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.

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