Valley National Bancorp (NASDAQ:VLY) Given New $11.00 Price Target at Citigroup

Valley National Bancorp (NASDAQ:VLY) had its price target hoisted by investment analysts at Citigroup from $10.00 to $11.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 7.54% from the stock’s previous close.

Several other brokerages have also recently issued reports on VLY. Barclays upped their price target on shares of 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. 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 report on Friday, October 25th. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a research report on Friday, October 25th. Morgan Stanley raised their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. upped their target price on Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $10.67.

Valley National Bancorp Price Performance

VLY stock opened at $10.23 on Monday. The company has a 50 day simple moving average of $9.75 and a 200 day simple moving average of $9.08. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 16.51 and a beta of 1.12. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.10. 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 announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). 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 $0.22 earnings per share. Research analysts anticipate that Valley National Bancorp will post 0.64 EPS for the current fiscal year.

Institutional Trading of Valley National Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. Harbor Capital Advisors Inc. bought a new stake in shares of Valley National Bancorp during the third quarter worth about $25,000. R Squared Ltd purchased a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $25,000. Blue Trust Inc. grew its holdings in 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 buying an additional 1,564 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in Valley National Bancorp by 416.8% during the 3rd 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 in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Valley National Bancorp by 46.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock worth $62,000 after acquiring an additional 2,151 shares during the last quarter. 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.