Valley National Bancorp (NASDAQ:VLY) Given New $8.00 Price Target at JPMorgan Chase & Co.

Valley National Bancorp (NASDAQ:VLY) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $8.50 to $8.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 20.48% from the stock’s current price.

A number of other brokerages have also recently weighed in on VLY. Barclays reduced their price objective on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday. StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 17th. Citigroup reduced their price objective on shares of Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Royal Bank of Canada dropped their target price on shares of Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $8.00 target price (down previously from $12.00) on shares of Valley National Bancorp in a research report on Friday, May 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.67.

Valley National Bancorp Stock Up 0.5 %

NASDAQ VLY traded up $0.03 during trading on Thursday, reaching $6.64. The company’s stock had a trading volume of 394,027 shares, compared to its average volume of 5,754,550. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $3.38 billion, a PE ratio of 7.81 and a beta of 1.10. The business has a 50-day moving average price of $7.26 and a 200-day moving average price of $8.42. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The business had revenue of $890.07 million during the quarter, compared to analyst estimates of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same quarter last year, the firm earned $0.30 earnings per share. On average, research analysts forecast that Valley National Bancorp will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Andrew B. Abramson sold 16,451 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total transaction of $127,001.72. Following the completion of the sale, the director now owns 224,679 shares in the company, valued at approximately $1,734,521.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $6.57, for a total value of $65,700.00. Following the transaction, the executive vice president now owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew B. Abramson sold 16,451 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total transaction of $127,001.72. Following the completion of the transaction, the director now directly owns 224,679 shares in the company, valued at approximately $1,734,521.88. The disclosure for this sale can be found here. Insiders sold 51,451 shares of company stock worth $378,452 in the last quarter. 1.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VLY. Trexquant Investment LP raised its holdings in Valley National Bancorp by 111.5% during the 3rd quarter. Trexquant Investment LP now owns 70,824 shares of the company’s stock worth $606,000 after buying an additional 37,331 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Valley National Bancorp in the fourth quarter valued at approximately $1,301,000. Wellington Management Group LLP raised its holdings in shares of Valley National Bancorp by 107.4% in the third quarter. Wellington Management Group LLP now owns 4,443,543 shares of the company’s stock valued at $38,037,000 after purchasing an additional 2,301,128 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Valley National Bancorp in the fourth quarter valued at approximately $1,623,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Valley National Bancorp by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,294,793 shares of the company’s stock valued at $68,361,000 after purchasing an additional 259,796 shares during the last quarter. 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.