JPMorgan Chase & Co. Issues Pessimistic Forecast for Valley National Bancorp (NASDAQ:VLY) Stock Price

Valley National Bancorp (NASDAQ:VLY) had its price objective cut by JPMorgan Chase & Co. from $17.00 to $15.50 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 23.85% from the stock’s previous close.

Several other analysts also recently weighed in on VLY. Cantor Fitzgerald lifted their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Barclays increased their price target on Valley National Bancorp from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. TD Cowen restated a “buy” rating on shares of Valley National Bancorp in a report on Wednesday, June 17th. Royal Bank Of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Valley National Bancorp in a report on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.19.

Valley National Bancorp Trading Down 0.8%

Shares of VLY traded down $0.10 during trading hours on Thursday, reaching $12.52. 3,639,073 shares of the company traded hands, compared to its average volume of 7,134,970. The stock’s fifty day moving average price is $14.02 and its 200 day moving average price is $13.71. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 10.60 and a beta of 1.03. Valley National Bancorp has a 12-month low of $9.64 and a 12-month high of $15.20.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $560.74 million during the quarter, compared to analysts’ expectations of $557.16 million. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 EPS. Sell-side analysts forecast that Valley National Bancorp will post 1.27 earnings per share for the current year.

Institutional Investors Weigh In On Valley National Bancorp

Several institutional investors have recently bought and sold shares of VLY. Cim Investment Management Inc. raised its position in shares of Valley National Bancorp by 17.1% in the 2nd quarter. Cim Investment Management Inc. now owns 34,523 shares of the company’s stock valued at $506,000 after purchasing an additional 5,038 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Valley National Bancorp by 22.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 75,084 shares of the company’s stock valued at $1,100,000 after purchasing an additional 13,729 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Valley National Bancorp by 24.3% in the second quarter. Tidal Investments LLC now owns 69,997 shares of the company’s stock worth $1,025,000 after buying an additional 13,687 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Valley National Bancorp by 239.5% in the second quarter. IFP Advisors Inc now owns 8,478 shares of the company’s stock worth $124,000 after buying an additional 5,981 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Valley National Bancorp by 2.3% during the second quarter. Allworth Financial LP now owns 68,078 shares of the company’s stock worth $997,000 after buying an additional 1,518 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank, a regional financial institution headquartered in Wayne, New Jersey. Founded in 1927, the company provides banking and related financial services to individuals, businesses and institutions.

Valley National Bank offers a range of consumer and commercial products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, commercial and industrial lending, consumer loans, mortgages and treasury management services.