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

Valley National Bancorp (NASDAQ:VLY) had its target price raised by Citigroup from $10.00 to $11.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Piper Sandler raised 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 note on Friday, October 25th. Barclays raised their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Stephens reissued an “overweight” rating and set a $12.50 price objective on shares of Valley National Bancorp in a research note on Thursday, January 2nd. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. increased their target price on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. One equities research 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.67.

Valley National Bancorp Price Performance

Shares of VLY opened at $10.14 on Monday. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The company has a market cap of $5.17 billion, a P/E ratio of 16.35 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The firm’s 50 day moving average price is $9.75 and its 200 day moving average price is $9.12.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter last year, the firm posted $0.22 EPS. On average, research analysts forecast that Valley National Bancorp will post 0.64 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.34%. Valley National Bancorp’s payout ratio is currently 70.97%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Valley National Bancorp by 2.8% during the third quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock valued at $101,170,000 after purchasing an additional 300,385 shares during the last quarter. Wellington Management Group LLP increased its position in Valley National Bancorp by 384.2% in the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock worth $81,276,000 after buying an additional 7,118,044 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Valley National Bancorp by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock valued at $63,159,000 after buying an additional 98,574 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Valley National Bancorp by 1,501.7% during the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after acquiring an additional 5,322,278 shares during the period. Finally, Millennium Management LLC grew 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 acquiring an additional 2,522,204 shares during the last quarter. Institutional investors and hedge funds 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.