Citigroup Has Lowered Expectations for Valley National Bancorp (NASDAQ:VLY) Stock Price

Valley National Bancorp (NASDAQ:VLY) had its target price reduced by Citigroup from $10.50 to $10.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also commented on VLY. Piper Sandler lifted their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Royal Bank of Canada lifted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Morgan Stanley boosted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. JPMorgan Chase & Co. upgraded 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. Finally, Barclays lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.19.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $9.06 on Tuesday. 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 50-day moving average of $9.93 and a 200-day moving average of $8.75. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a market cap of $4.61 billion, a P/E ratio of 14.61 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS 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 during the quarter, compared to analyst estimates of $467.87 million. During the same quarter last year, the business posted $0.26 EPS. Equities research analysts forecast that Valley National Bancorp will post 0.65 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Harbor Capital Advisors Inc. bought a new position in Valley National Bancorp in the 3rd quarter worth about $25,000. Blue Trust Inc. lifted its holdings in shares of Valley National Bancorp by 48.2% in the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after buying an additional 1,564 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Valley National Bancorp by 416.8% in the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after acquiring an additional 5,001 shares during the period. GAMMA Investing LLC grew its stake in Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after acquiring an additional 2,151 shares in the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock worth $65,000 after acquiring an additional 5,560 shares during the period. 61.00% of the stock is owned by institutional investors.

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.