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

Valley National Bancorp (NASDAQ:VLY) had its target price decreased by equities research analysts at Citigroup from $10.50 to $10.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 10.38% from the stock’s current price.

Several other analysts also recently commented on VLY. Wedbush reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Morgan Stanley lifted their target price on 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, Piper Sandler upped their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $10.19.

Valley National Bancorp Trading Down 0.7 %

Shares of VLY stock opened at $9.06 on Tuesday. The stock has a 50-day moving average of $9.93 and a 200-day moving average of $8.75. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 14.61 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 posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting 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 company had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same period in the prior year, the company posted $0.26 earnings per share. On average, equities research analysts forecast that Valley National Bancorp will post 0.65 earnings per share for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in shares of Valley National Bancorp by 41.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company’s stock valued at $13,539,000 after purchasing an additional 439,831 shares during the period. Sanctuary Advisors LLC grew its position in shares of Valley National Bancorp by 170.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 67,861 shares of the company’s stock valued at $615,000 after purchasing an additional 42,731 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new stake in Valley National Bancorp during the third quarter valued at $154,000. Geode Capital Management LLC increased its stake in Valley National Bancorp by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock worth $101,170,000 after acquiring an additional 300,385 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC grew its holdings in shares of Valley National Bancorp by 14.6% during the third quarter. Kovitz Investment Group Partners LLC now owns 20,337 shares of the company’s stock worth $179,000 after purchasing an additional 2,585 shares in the last quarter. Hedge funds and other 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.