Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $13.00

Key Points

• JPMorgan Chase & Co. raised the target price for Valley National Bancorp's stock from $11.00 to $13.00, indicating a potential upside of 23.16% from its previous close.
• Twelve equities research analysts have rated Valley National Bancorp with a Buy rating, while the consensus target price stands at $12.54.
• In its most recent earnings report, Valley National Bancorp reported $0.23 earnings per share, exceeding the consensus estimate by $0.01, with a year-over-year revenue increase of 9.3%.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) had its target price increased by equities researchers at JPMorgan Chase & Co. from $11.00 to $13.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 23.16% from the stock's previous close.

Several other research analysts also recently weighed in on VLY. Truist Financial upped their price target on shares of Valley National Bancorp from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. TD Cowen assumed coverage on shares of Valley National Bancorp in a report on Thursday, September 25th. They set a "buy" rating and a $14.00 price objective on the stock. Jefferies Financial Group upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and lifted their target price for the stock from $11.00 to $14.00 in a research report on Wednesday, September 24th. 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 note on Friday, July 25th. Finally, Hovde Group initiated coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They issued an "outperform" rating and a $12.50 target price for the company. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $12.54.

Valley National Bancorp Price Performance

VLY traded down $0.05 during trading on Wednesday, reaching $10.56. 692,675 shares of the company traded hands, compared to its average volume of 8,974,225. 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 has a 12-month low of $7.48 and a 12-month high of $11.14. The firm has a fifty day simple moving average of $10.15 and a 200 day simple moving average of $9.30. The company has a market cap of $5.91 billion, a P/E ratio of 13.52 and a beta of 1.13.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The business's revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Institutional Investors Weigh In On Valley National Bancorp

Several hedge funds have recently made changes to their positions in VLY. State of Michigan Retirement System increased its holdings in shares of Valley National Bancorp by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 113,681 shares of the company's stock valued at $1,011,000 after purchasing an additional 1,200 shares during the period. Signaturefd LLC raised its stake in Valley National Bancorp by 23.2% during the 2nd quarter. Signaturefd LLC now owns 6,895 shares of the company's stock valued at $62,000 after purchasing an additional 1,297 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Valley National Bancorp by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company's stock worth $1,183,000 after purchasing an additional 1,300 shares during the period. Forum Financial Management LP raised its stake in Valley National Bancorp by 7.8% during the first quarter. Forum Financial Management LP now owns 19,142 shares of the company's stock worth $170,000 after acquiring an additional 1,381 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Valley National Bancorp by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock valued at $494,000 after buying an additional 1,465 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.

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