Citigroup Has Lowered Expectations for Valley National Bancorp (NASDAQ:VLY) Stock Price

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

A number of other equities analysts also recently issued reports on VLY. 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. Wedbush reissued a “neutral” rating and issued a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Piper Sandler raised their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. 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 investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.44.

Valley National Bancorp Trading Down 1.4 %

VLY opened at $8.93 on Tuesday. 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 has a fifty-two week low of $6.47 and a fifty-two week high of $11.10. The company’s 50 day moving average price is $9.93 and its two-hundred day moving average price is $8.76. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of 14.40 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same period in the prior year, the business posted $0.26 earnings per share. As a group, research analysts predict that Valley National Bancorp will post 0.65 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders 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 of this dividend was Friday, December 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 70.97%.

Institutional Trading of Valley National Bancorp

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings 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 worth $81,276,000 after purchasing an additional 7,118,044 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Valley National Bancorp by 193.2% in the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after acquiring an additional 6,703,552 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Valley National Bancorp by 1,501.7% in the third quarter. Victory Capital Management Inc. now owns 5,676,685 shares of the company’s stock valued at $51,431,000 after acquiring an additional 5,322,278 shares in the last quarter. Millennium Management LLC increased its position in shares of Valley National Bancorp by 995.0% during the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after acquiring an additional 2,522,204 shares during the last quarter. Finally, Basswood Capital Management L.L.C. bought a new stake in Valley National Bancorp during the third quarter worth $19,399,000. Institutional investors 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.