Valley National Bancorp (NASDAQ:VLY) Price Target Raised to $11.00

Valley National Bancorp (NASDAQ:VLY) had its price target boosted by Citigroup from $10.00 to $11.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the stock.

VLY has been the topic of several other reports. Piper Sandler upped their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. boosted their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Friday. Stephens reissued an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research note on Thursday, January 2nd. Wedbush reaffirmed a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research note on Friday, October 25th. Finally, Morgan Stanley increased their price objective on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Hold” and an average target price of $10.67.

Valley National Bancorp Trading Up 1.5 %

Shares of NASDAQ:VLY opened at $10.32 on Monday. The stock has a 50 day moving average of $9.75 and a 200 day moving average of $9.10. The company has a market cap of $5.26 billion, a PE ratio of 16.65 and a beta of 1.12. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the prior year, the company earned $0.22 EPS. As a group, equities research analysts expect that Valley National Bancorp will post 0.64 EPS for the current year.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend was Friday, December 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 70.97%.

Institutional Trading of Valley National Bancorp

A number of hedge funds have recently added to or reduced their stakes in VLY. Renaissance Technologies LLC acquired a new position in shares of Valley National Bancorp in the second quarter worth about $1,174,000. Marshall Wace LLP purchased a new position in shares of Valley National Bancorp in the second quarter valued at approximately $2,048,000. Millennium Management LLC increased its position in shares of Valley National Bancorp by 995.0% during the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after purchasing an additional 2,522,204 shares in the last quarter. Algert Global LLC increased its position in shares of Valley National Bancorp by 114.8% during the second quarter. Algert Global LLC now owns 221,840 shares of the company’s stock worth $1,548,000 after purchasing an additional 118,551 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in Valley National Bancorp by 461.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock valued at $3,960,000 after purchasing an additional 466,303 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

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.