Valley National Bancorp (NASDAQ:VLY) Price Target Cut to $10.00 by Analysts at Citigroup

Valley National Bancorp (NASDAQ:VLY - Free Report) had its price objective trimmed by Citigroup from $10.50 to $10.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research analysts have also recently weighed in on the company. Barclays boosted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Thursday, December 5th. Wedbush reissued a "neutral" rating and set a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. 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 research report on Monday, November 11th. Royal Bank of Canada boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Finally, Piper Sandler raised their target price on 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 investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Valley National Bancorp has a consensus rating of "Hold" and an average target price of $10.19.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY traded down $0.06 during trading on Tuesday, reaching $9.06. 9,892,599 shares of the company's stock traded hands, compared to its average volume of 6,149,155. The firm has a market cap of $4.61 billion, a PE ratio of 14.61 and a beta of 1.09. 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 quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50. The company has a 50-day simple moving average of $9.93 and a 200-day simple moving average of $8.75.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS 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 analyst estimates of $467.87 million. During the same quarter in the previous year, the firm earned $0.26 EPS. As a group, analysts predict that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, December 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.86%. Valley National Bancorp's dividend payout ratio is presently 70.97%.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Townsquare Capital LLC lifted its stake in shares of Valley National Bancorp by 11.8% in the 3rd quarter. Townsquare Capital LLC now owns 14,365 shares of the company's stock worth $130,000 after acquiring an additional 1,521 shares during the period. Blue Trust Inc. increased its position in Valley National Bancorp by 48.2% during the 3rd quarter. Blue Trust Inc. now owns 4,809 shares of the company's stock worth $44,000 after purchasing an additional 1,564 shares during the period. HighTower Advisors LLC raised its stake in shares of Valley National Bancorp by 6.0% during the 3rd quarter. HighTower Advisors LLC now owns 31,831 shares of the company's stock worth $291,000 after buying an additional 1,806 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Valley National Bancorp by 46.4% in the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company's stock valued at $62,000 after buying an additional 2,151 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in Valley National Bancorp by 7.6% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 30,419 shares of the company's stock worth $276,000 after acquiring an additional 2,154 shares during the period. Institutional investors and hedge funds 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.