Wedbush Raises Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its price objective hoisted by Wedbush from $9.00 to $10.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock. Wedbush also issued estimates for Valley National Bancorp’s Q3 2024 earnings at $0.18 EPS, Q4 2024 earnings at $0.19 EPS, FY2024 earnings at $0.69 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.24 EPS, Q3 2025 earnings at $0.26 EPS, Q4 2025 earnings at $0.27 EPS, FY2025 earnings at $1.00 EPS and FY2026 earnings at $1.15 EPS.

Several other brokerages have also commented on VLY. Morgan Stanley upgraded shares of Valley National Bancorp from an underweight rating to an equal weight rating and upped their price objective for the stock from $8.00 to $9.50 in a report on Monday, August 5th. JPMorgan Chase & Co. dropped their price objective on Valley National Bancorp from $8.50 to $8.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. StockNews.com lowered Valley National Bancorp from a hold rating to a sell rating in a research report on Wednesday, August 14th. Barclays dropped their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an underweight rating on the stock in a report on Monday, June 24th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a market perform rating in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp currently has a consensus rating of Hold and a consensus price target of $8.56.

Valley National Bancorp Stock Up 1.7 %

VLY stock opened at $8.81 on Tuesday. The stock has a 50-day simple moving average of $8.34 and a two-hundred day simple moving average of $7.70. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The firm has a market capitalization of $4.49 billion, a PE ratio of 10.36 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The firm had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter in the previous year, the company posted $0.28 earnings per share. On average, equities analysts predict that Valley National Bancorp will post 0.7 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date is Friday, September 13th. Valley National Bancorp’s payout ratio is 51.76%.

Hedge Funds Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Innealta Capital LLC bought a new position in shares of Valley National Bancorp in the second quarter worth about $38,000. EntryPoint Capital LLC purchased a new position in Valley National Bancorp during the first quarter valued at approximately $43,000. Wolverine Asset Management LLC boosted its position in shares of Valley National Bancorp by 147.7% in the second 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 during the period. AE Wealth Management LLC bought a new position in shares of Valley National Bancorp in the second quarter worth approximately $81,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Valley National Bancorp in the second quarter worth $94,000. 61.00% of the stock is currently owned by hedge funds and other 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.