Wedbush Equities Analysts Decrease Earnings Estimates for Valley National Bancorp (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) – Analysts at Wedbush dropped their Q2 2024 earnings estimates for shares of Valley National Bancorp in a report issued on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the company will post earnings per share of $0.21 for the quarter, down from their previous forecast of $0.22. Wedbush has a “Neutral” rating and a $8.00 price objective on the stock. The consensus estimate for Valley National Bancorp’s current full-year earnings is $0.90 per share. Wedbush also issued estimates for Valley National Bancorp’s Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.90 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.28 EPS, Q3 2025 earnings at $0.29 EPS, Q4 2025 earnings at $0.29 EPS and FY2025 earnings at $1.15 EPS.

Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods lowered their target price on shares of Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a research note on Friday, January 26th. JPMorgan Chase & Co. lowered their target price on shares of Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, April 4th. Citigroup lowered their target price on shares of Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. TheStreet cut shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, February 27th. Finally, Barclays initiated coverage on shares of Valley National Bancorp in a research report on Friday, March 8th. They issued an “underweight” rating and a $8.00 price target on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and an average price target of $9.33.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $7.01 on Monday. The stock has a market cap of $3.57 billion, a P/E ratio of 8.25 and a beta of 1.09. The company’s 50-day simple moving average is $7.76 and its 200 day simple moving average is $8.80. Valley National Bancorp has a twelve month low of $6.39 and a twelve month high of $11.22. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, April 25th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The business had revenue of $890.07 million for the quarter, compared to the consensus estimate of $447.38 million. Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. During the same period in the previous year, the business posted $0.30 earnings per share.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently modified their holdings of the stock. Xponance Inc. raised its stake in shares of Valley National Bancorp by 2.1% during the fourth quarter. Xponance Inc. now owns 62,924 shares of the company’s stock worth $683,000 after buying an additional 1,286 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Valley National Bancorp by 0.3% during the first quarter. Retirement Systems of Alabama now owns 535,546 shares of the company’s stock worth $4,263,000 after buying an additional 1,435 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Valley National Bancorp by 1.4% during the third quarter. Arizona State Retirement System now owns 122,917 shares of the company’s stock worth $1,052,000 after buying an additional 1,693 shares during the last quarter. Resources Management Corp CT ADV increased its stake in Valley National Bancorp by 5.5% in the third quarter. Resources Management Corp CT ADV now owns 36,200 shares of the company’s stock valued at $310,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Strs Ohio increased its stake in Valley National Bancorp by 5.4% in the fourth quarter. Strs Ohio now owns 38,800 shares of the company’s stock valued at $421,000 after purchasing an additional 2,000 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Valley National Bancorp

In other news, EVP Joseph Chillura sold 49,715 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $8.18, for a total transaction of $406,668.70. Following the transaction, the executive vice president now directly owns 545,249 shares in the company, valued at $4,460,136.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.88% of the stock is owned by company insiders.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were given a dividend of $0.11 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.28%. Valley National Bancorp’s payout ratio is 51.76%.

Valley National Bancorp Company Profile

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.