Valley National Bancorp (NASDAQ:VLY) Given New $14.50 Price Target at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its target price lowered by research analysts at JPMorgan Chase & Co. from $15.50 to $14.50 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 16.56% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Morgan Stanley boosted their price objective on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. TD Cowen boosted their target price on Valley National Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, January 30th. UBS Group started coverage on shares of Valley National Bancorp in a report on Monday, December 15th. They set a “buy” rating and a $15.00 price target for the company. Weiss Ratings raised Valley National Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Finally, Raymond James Financial raised Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 price target on the stock in a research note on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.64.

Valley National Bancorp Trading Up 1.3%

VLY stock traded up $0.16 during mid-day trading on Wednesday, hitting $12.44. 7,733,057 shares of the company were exchanged, compared to its average volume of 8,330,274. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $13.87. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $12.60 and a 200-day simple moving average of $11.68. The firm has a market capitalization of $6.91 billion, a P/E ratio of 12.32 and a beta of 1.07.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $524.31 million. During the same period in the previous year, the company posted $0.13 EPS. Valley National Bancorp’s revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Valley National Bancorp news, Director Carlos J. Vazquez purchased 2,500 shares of Valley National Bancorp stock in a transaction that occurred on Tuesday, February 17th. The stock was purchased at an average price of $13.45 per share, with a total value of $33,625.00. Following the completion of the acquisition, the director owned 4,252 shares of the company’s stock, valued at approximately $57,189.40. This trade represents a 142.69% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of VLY. Los Angeles Capital Management LLC acquired a new position in Valley National Bancorp during the 4th quarter valued at approximately $26,000. First Horizon Corp increased its stake in Valley National Bancorp by 52.5% during the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares during the period. Geneos Wealth Management Inc. bought a new stake in Valley National Bancorp during the fourth quarter worth approximately $39,000. Smartleaf Asset Management LLC lifted its holdings in shares of Valley National Bancorp by 77.4% in the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company’s stock valued at $48,000 after buying an additional 1,996 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in Valley National Bancorp by 24.5% in the 4th quarter. Parallel Advisors LLC now owns 4,347 shares of the company’s stock valued at $51,000 after acquiring an additional 855 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

About Valley National Bancorp

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.