Valley National Bancorp (NASDAQ:VLY) Price Target Lowered to $10.00 at Citigroup

Valley National Bancorp (NASDAQ:VLY) had its price target trimmed by Citigroup from $10.50 to $10.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada increased their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Piper Sandler increased their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. Morgan Stanley upped their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Barclays increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.19.

Valley National Bancorp Stock Down 0.7 %

NASDAQ:VLY opened at $9.06 on Tuesday. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. The company has a market cap of $4.61 billion, a PE ratio of 14.61 and a beta of 1.09. The firm’s 50 day simple moving average is $9.93 and its 200 day simple moving average is $8.75.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the previous year, the business earned $0.26 earnings per share. On average, research analysts anticipate that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.86%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in shares of Valley National Bancorp in the third quarter valued at $515,000. Intech Investment Management LLC raised its holdings in shares of Valley National Bancorp by 332.7% in the 3rd quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock worth $1,481,000 after acquiring an additional 125,695 shares during the last quarter. HighTower Advisors LLC lifted its position in Valley National Bancorp by 6.0% in the 3rd quarter. HighTower Advisors LLC now owns 31,831 shares of the company’s stock valued at $291,000 after acquiring an additional 1,806 shares in the last quarter. Stifel Financial Corp boosted its stake in Valley National Bancorp by 66.1% during the 3rd quarter. Stifel Financial Corp now owns 217,312 shares of the company’s stock valued at $1,969,000 after purchasing an additional 86,473 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Valley National Bancorp by 1,501.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock worth $51,431,000 after purchasing an additional 5,322,278 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

About Valley National Bancorp

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.