JPMorgan Chase & Co. Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $14.50

by · The Cerbat Gem

Valley National Bancorp (NASDAQ:VLYFree Report) had its target price cut by JPMorgan Chase & Co. from $15.50 to $14.50 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently commented on VLY. National Bank Financial set a $16.00 target price on shares of Valley National Bancorp in a report on Friday, January 30th. Morgan Stanley increased their price target on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Citigroup reissued a “buy” rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. Hovde Group boosted their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Finally, UBS Group assumed coverage on shares of Valley National Bancorp in a report on Monday, December 15th. They issued a “buy” rating and a $15.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $14.64.

Get Our Latest Research Report on VLY

Valley National Bancorp Price Performance

VLY stock opened at $12.42 on Wednesday. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $13.87. The firm has a 50-day moving average of $12.61 and a 200 day moving average of $11.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $6.90 billion, a P/E ratio of 12.30 and a beta of 1.03.

Valley National Bancorp (NASDAQ:VLYGet Free Report) last announced its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $524.31 million. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a dividend of $0.11 per share. The ex-dividend date was Friday, March 13th. This represents a $0.44 annualized dividend and a yield of 3.5%. Valley National Bancorp’s dividend payout ratio is currently 43.56%.

Insider Buying and Selling at Valley National Bancorp

In other news, Director Carlos J. Vazquez purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were purchased at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the purchase, the director directly owned 4,252 shares in the company, valued at approximately $57,189.40. This represents a 142.69% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Valley National Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in VLY. Azora Capital LP bought a new stake in shares of Valley National Bancorp during the 3rd quarter valued at $103,120,000. Marshall Wace LLP raised its holdings in Valley National Bancorp by 1,013.8% in the 4th quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock worth $79,787,000 after purchasing an additional 6,217,716 shares during the period. Norges Bank bought a new position in Valley National Bancorp in the 4th quarter worth $71,554,000. UBS Group AG lifted its position in Valley National Bancorp by 404.7% during the third quarter. UBS Group AG now owns 5,867,611 shares of the company’s stock valued at $62,197,000 after purchasing an additional 4,704,971 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its position in Valley National Bancorp by 260.8% during the fourth quarter. Squarepoint Ops LLC now owns 5,239,435 shares of the company’s stock valued at $61,197,000 after purchasing an additional 3,787,203 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Company Profile

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Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.

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