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

Valley National Bancorp (NASDAQ:VLY) had its price target increased by Citigroup from $10.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 7.54% from the company’s previous close.

VLY has been the topic of a number of other research reports. Wedbush reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. Royal Bank of Canada boosted their target price on Valley National Bancorp from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. increased their price target on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler boosted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.67.

Valley National Bancorp Stock Up 0.6 %

Shares of NASDAQ:VLY opened at $10.23 on Monday. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. The company has a market capitalization of $5.21 billion, a PE ratio of 16.51 and a beta of 1.12. The business has a fifty day moving average price of $9.75 and a two-hundred day moving average price of $9.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) 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 in the previous year, the company posted $0.22 EPS. Analysts forecast that Valley National Bancorp will post 0.64 earnings per share for the current year.

Hedge Funds Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. Kestra Investment Management LLC purchased a new stake in shares of Valley National Bancorp during the 3rd quarter valued at $515,000. Hennion & Walsh Asset Management Inc. raised its position in Valley National Bancorp by 17.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 35,600 shares of the company’s stock valued at $323,000 after purchasing an additional 5,181 shares in the last quarter. Intech Investment Management LLC lifted its stake in Valley National Bancorp by 332.7% during the third quarter. Intech Investment Management LLC now owns 163,478 shares of the company’s stock worth $1,481,000 after purchasing an additional 125,695 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Valley National Bancorp by 41.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,494,390 shares of the company’s stock worth $13,539,000 after purchasing an additional 439,831 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Valley National Bancorp by 66.1% during the 3rd quarter. Stifel Financial Corp now owns 217,312 shares of the company’s stock valued at $1,969,000 after purchasing an additional 86,473 shares during the last quarter. 61.00% of the stock is currently 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.