Citigroup Boosts Valley National Bancorp (NASDAQ:VLY) Price Target to $12.00


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Valley National Bancorp (NASDAQ:VLY) had its price objective increased by Citigroup from $9.00 to $12.00 in a research report sent to investors on Wednesday, The Fly reports.

A number of other research firms have also recently commented on VLY. Morgan Stanley raised their price target on shares of Valley National Bancorp from $13.50 to $14.75 and gave the stock an equal weight rating in a report on Wednesday, March 24th. Hovde Group cut shares of Valley National Bancorp from an outperform rating to a market perform rating in a report on Wednesday, April 7th. Finally, Zacks Investment Research cut shares of Valley National Bancorp from a buy rating to a hold rating in a report on Thursday, April 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $11.46.

Shares of NASDAQ VLY opened at $13.93 on Wednesday. Valley National Bancorp has a twelve month low of $6.36 and a twelve month high of $14.69. The firm has a fifty day simple moving average of $13.56 and a 200 day simple moving average of $11.00. The company has a market capitalization of $5.65 billion, a PE ratio of 17.63 and a beta of 1.29. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.67.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Wednesday, January 27th. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Valley National Bancorp had a net margin of 20.63% and a return on equity of 8.85%. The business had revenue of $335.45 million during the quarter, compared to the consensus estimate of $329.65 million. During the same quarter last year, the firm earned $0.24 earnings per share. Valley National Bancorp’s quarterly revenue was down 12.2% on a year-over-year basis. As a group, equities analysts expect that Valley National Bancorp will post 0.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Monday, March 15th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Friday, March 12th. Valley National Bancorp’s dividend payout ratio is currently 47.83%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Valley National Bancorp by 2.9% during the fourth quarter. BlackRock Inc. now owns 52,166,868 shares of the company’s stock valued at $508,627,000 after buying an additional 1,459,721 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Valley National Bancorp by 6.1% during the fourth quarter. Bank of New York Mellon Corp now owns 5,544,589 shares of the company’s stock worth $54,059,000 after purchasing an additional 320,616 shares during the last quarter. Norges Bank purchased a new position in Valley National Bancorp during the fourth quarter worth about $37,264,000. Charles Schwab Investment Management Inc. boosted its holdings in Valley National Bancorp by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,402,368 shares of the company’s stock worth $33,174,000 after purchasing an additional 67,140 shares during the last quarter. Finally, Crawford Investment Counsel Inc. boosted its holdings in Valley National Bancorp by 1.8% during the fourth quarter. Crawford Investment Counsel Inc. now owns 2,075,420 shares of the company’s stock worth $20,235,000 after purchasing an additional 36,203 shares during the last quarter. Hedge funds and other institutional investors own 58.21% of the company’s stock.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth management financial services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market accounts, as well as certificates of deposit.

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Analyst Recommendations for Valley National Bancorp (NASDAQ:VLY)

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