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

Valley National Bancorp (NASDAQ:VLY) had its price objective reduced by research analysts at Citigroup from $10.50 to $10.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 10.38% from the company’s previous close.

A number of other research firms have also recently issued reports on VLY. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Royal Bank of Canada raised their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.50 to $11.00 in a research note on Monday, November 11th. Piper Sandler increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.19.

Valley National Bancorp Stock Performance

Shares of NASDAQ VLY opened at $9.06 on Tuesday. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $9.93 and a 200 day simple moving average of $8.75. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of 14.61 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $467.87 million. During the same period in the prior year, the firm posted $0.26 EPS. Sell-side analysts expect that Valley National Bancorp will post 0.65 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VLY. Raymond James & Associates increased its holdings in shares of Valley National Bancorp by 1.2% during the second quarter. Raymond James & Associates now owns 256,797 shares of the company’s stock worth $1,792,000 after purchasing an additional 3,035 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Valley National Bancorp during the 2nd quarter worth $509,000. Summit Financial LLC bought a new position in Valley National Bancorp in the second quarter valued at about $136,000. CIBC Asset Management Inc boosted its stake in shares of Valley National Bancorp by 22.6% in the 2nd quarter. CIBC Asset Management Inc now owns 13,708 shares of the company’s stock valued at $96,000 after purchasing an additional 2,529 shares in the last quarter. Finally, Wolverine Asset Management LLC increased its position in Valley National Bancorp by 147.7% during the 2nd quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock worth $65,000 after purchasing an additional 5,560 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

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.