Citigroup Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price target cut by Citigroup from $10.50 to $10.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. upgraded shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $10.50 to $11.00 in a research report on Monday, November 11th. Barclays upped their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Wedbush restated a “neutral” rating and set a $10.00 target price on shares of Valley National Bancorp in a research report on Friday, October 25th. Morgan Stanley increased their price objective on Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Valley National Bancorp currently has an average rating of “Hold” and an average target price of $10.44.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $8.93 on Tuesday. The company has a market cap of $4.55 billion, a P/E ratio of 14.40 and a beta of 1.09. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.10. The business’s 50 day moving average is $9.93 and its two-hundred day moving average is $8.76. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.50.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The business had revenue of $921.22 million for the quarter, compared to the consensus estimate of $467.87 million. During the same period last year, the business earned $0.26 earnings per share. On average, equities analysts expect that Valley National Bancorp will post 0.65 EPS for the current year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.93%. The ex-dividend date was Friday, December 13th. Valley National Bancorp’s dividend payout ratio is 70.97%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in Valley National Bancorp by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock valued at $179,537,000 after purchasing an additional 337,416 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Valley National Bancorp by 2.8% in the third quarter. Geode Capital Management LLC now owns 11,164,934 shares of the company’s stock valued at $101,170,000 after acquiring an additional 300,385 shares during the last quarter. AQR Capital Management LLC raised its holdings in Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after acquiring an additional 6,703,552 shares in the last quarter. Wellington Management Group LLP boosted its position in Valley National Bancorp by 384.2% during the third quarter. Wellington Management Group LLP now owns 8,970,862 shares of the company’s stock valued at $81,276,000 after purchasing an additional 7,118,044 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Valley National Bancorp by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,971,223 shares of the company’s stock valued at $63,159,000 after purchasing an additional 98,574 shares in the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

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.