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

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

Other analysts have also issued research reports about the stock. Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Morgan Stanley lifted their price target on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Royal Bank of Canada increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Barclays boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Finally, Piper Sandler increased their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $10.19.

Valley National Bancorp Stock Performance

Shares of VLY opened at $9.12 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The stock has a 50-day moving average of $9.92 and a two-hundred day moving average of $8.72. The stock has a market cap of $4.65 billion, a P/E ratio of 14.71 and a beta of 1.09. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period in the prior year, the firm earned $0.26 EPS. As a group, research analysts predict that Valley National Bancorp will post 0.65 EPS for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Large investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. purchased a new position in Valley National Bancorp during the 3rd quarter valued at about $25,000. Blue Trust Inc. lifted its position 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 in the last quarter. Hexagon Capital Partners LLC boosted its stake 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 purchasing an additional 5,001 shares during the period. GAMMA Investing LLC grew its holdings in shares of Valley National Bancorp by 46.4% in the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after purchasing an additional 2,151 shares in the last quarter. Finally, Wolverine Asset Management LLC increased its stake 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 buying an additional 5,560 shares during the period. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.