Wedbush Brokers Reduce Earnings Estimates for Valley National Bancorp (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) – Equities researchers at Wedbush decreased their Q1 2024 earnings per share estimates for shares of Valley National Bancorp in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the company will post earnings of $0.20 per share for the quarter, down from their previous forecast of $0.21. Wedbush currently has a “Neutral” rating and a $11.00 target price on the stock. The consensus estimate for Valley National Bancorp’s current full-year earnings is $0.98 per share. Wedbush also issued estimates for Valley National Bancorp’s Q2 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.29 EPS, FY2024 earnings at $1.00 EPS and FY2025 earnings at $1.20 EPS.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, January 25th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.03). The business had revenue of $449.97 million during the quarter, compared to analysts’ expectations of $467.49 million. Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. During the same period last year, the firm posted $0.35 EPS.

Other analysts have also recently issued reports about the company. Barclays assumed coverage on Valley National Bancorp in a report on Friday, March 8th. They set an “underweight” rating and a $8.00 price objective on the stock. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, February 16th. TheStreet lowered Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th. Keefe, Bruyette & Woods decreased their price target on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Finally, Citigroup decreased their price target on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp has a consensus rating of “Hold” and a consensus target price of $10.00.

Valley National Bancorp Trading Up 3.8 %

Shares of NASDAQ:VLY opened at $7.90 on Thursday. The stock has a 50 day moving average of $8.59 and a 200 day moving average of $8.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. Valley National Bancorp has a 12-month low of $6.39 and a 12-month high of $11.22. The company has a market cap of $4.02 billion, a PE ratio of 8.32 and a beta of 1.09.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.57%. The ex-dividend date of this dividend is Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 46.32%.

Insider Activity

In other news, EVP Joseph Chillura sold 49,715 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the transaction, the executive vice president now owns 545,249 shares of the company’s stock, valued at approximately $4,460,136.82. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.71% of the company’s stock.

Institutional Investors Weigh In On Valley National Bancorp

Several large investors have recently bought and sold shares of VLY. Quarry LP increased its holdings in shares of Valley National Bancorp by 198.1% in the 1st quarter. Quarry LP now owns 3,070 shares of the company’s stock valued at $28,000 after acquiring an additional 2,040 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of Valley National Bancorp in the 4th quarter valued at about $35,000. Wolverine Asset Management LLC acquired a new stake in shares of Valley National Bancorp in the 4th quarter valued at about $40,000. US Bancorp DE lifted its position in Valley National Bancorp by 80.8% during the 2nd quarter. US Bancorp DE now owns 7,155 shares of the company’s stock worth $55,000 after acquiring an additional 3,198 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Valley National Bancorp by 46.3% during the 4th quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock worth $58,000 after acquiring an additional 1,631 shares during the period. Hedge funds and other institutional investors own 61.00% of the company’s stock.

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.