Citigroup upgraded shares of Valley National Bancorp (NASDAQ:VLY - Free Report) from a neutral rating to a buy rating in a report issued on Monday morning, Marketbeat reports. The brokerage currently has $13.50 price target on the stock, up from their previous price target of $10.00.
VLY has been the subject of several other research reports. Royal Bank Of Canada increased their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Cantor Fitzgerald started coverage on shares of Valley National Bancorp in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $12.00 target price for the company. Truist Financial upped their target price on shares of Valley National Bancorp from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Finally, National Bankshares set a $12.00 target price on shares of Valley National Bancorp in a research note on Tuesday, September 9th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.85.
Read Our Latest Stock Report on VLY
Valley National Bancorp Price Performance
Shares of NASDAQ VLY traded down $0.17 on Monday, hitting $10.94. The company's stock had a trading volume of 6,689,371 shares, compared to its average volume of 8,961,661. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $11.12. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 14.03 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a 50 day moving average of $9.95 and a 200-day moving average of $9.19.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.13 earnings per share. As a group, research analysts predict that Valley National Bancorp will post 0.99 EPS for the current year.
Valley National Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's payout ratio is currently 56.41%.
Institutional Trading of Valley National Bancorp
A number of institutional investors and hedge funds have recently modified their holdings of VLY. AQR Capital Management LLC grew its position in shares of Valley National Bancorp by 101.5% in the 1st quarter. AQR Capital Management LLC now owns 10,218,329 shares of the company's stock valued at $89,308,000 after purchasing an additional 5,147,786 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Valley National Bancorp in the 1st quarter valued at approximately $32,286,000. Norges Bank acquired a new position in shares of Valley National Bancorp in the 2nd quarter valued at approximately $31,276,000. Goldman Sachs Group Inc. grew its position in shares of Valley National Bancorp by 43.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,214,867 shares of the company's stock valued at $90,810,000 after purchasing an additional 3,091,169 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Valley National Bancorp in the 1st quarter valued at approximately $15,890,000. 61.00% of the stock is owned by institutional investors.
About Valley National Bancorp
(
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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.
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