Valley National Bancorp (NASDAQ:VLY) Given New $10.00 Price Target at Citigroup

Valley National Bancorp (NASDAQ:VLY) had its price target reduced by Citigroup from $10.50 to $10.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 9.65% from the company’s previous close.

A number of other equities analysts also recently commented on VLY. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Royal Bank of Canada increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Piper Sandler raised their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $10.50 to $11.00 in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Valley National Bancorp currently has an average rating of “Hold” and a consensus price target of $10.19.

Valley National Bancorp Price Performance

VLY stock opened at $9.12 on Tuesday. The business’s 50-day moving average is $9.92 and its two-hundred day moving average is $8.72. 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 firm has a market capitalization of $4.65 billion, a P/E ratio of 14.71 and a beta of 1.09. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. The firm had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. During the same quarter last year, the company earned $0.26 earnings per share. Analysts anticipate that Valley National Bancorp will post 0.65 earnings per share for the current fiscal year.

Institutional Trading of Valley National Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of VLY. Townsquare Capital LLC raised its stake in Valley National Bancorp by 11.8% during the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company’s stock valued at $130,000 after acquiring an additional 1,521 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after purchasing an additional 1,564 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Valley National Bancorp by 6.0% during the third quarter. HighTower Advisors LLC now owns 31,831 shares of the company’s stock worth $291,000 after purchasing an additional 1,806 shares during the period. GAMMA Investing LLC grew its position in Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after buying an additional 2,151 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Valley National Bancorp by 7.6% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company’s stock valued at $276,000 after buying an additional 2,154 shares during the period. Hedge funds and other 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.