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

Valley National Bancorp (NASDAQ:VLY) – Stock analysts at Wedbush decreased their Q3 2024 earnings estimates for shares of Valley National Bancorp in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the company will post earnings of $0.18 per share for the quarter, down from their prior estimate of $0.19. Wedbush has a “Neutral” rating and a $10.00 price objective on the stock. The consensus estimate for Valley National Bancorp’s current full-year earnings is $0.70 per share. Wedbush also issued estimates for Valley National Bancorp’s 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.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The business had revenue of $884.68 million during the quarter, compared to the consensus estimate of $458.67 million. During the same quarter in the previous year, the business posted $0.28 earnings per share.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Keefe, Bruyette & Woods increased their price target on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lowered 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. Morgan Stanley upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $8.00 to $9.50 in a research report on Monday, August 5th. Finally, Barclays decreased their target price on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.56.

Valley National Bancorp Price Performance

Shares of Valley National Bancorp stock opened at $8.66 on Wednesday. The stock has a market cap of $4.41 billion, a P/E ratio of 10.19 and a beta of 1.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99. The stock’s fifty day moving average is $8.32 and its 200 day moving average is $7.69. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 5.08%. The ex-dividend date of this dividend is Friday, September 13th. Valley National Bancorp’s dividend payout ratio is presently 51.76%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of VLY. AQR Capital Management LLC lifted its stake in shares of Valley National Bancorp by 193.2% in the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock valued at $69,233,000 after purchasing an additional 6,703,552 shares during the last quarter. Norges Bank purchased a new position in Valley National Bancorp during the fourth quarter worth $49,734,000. Millennium Management LLC boosted its stake in Valley National Bancorp by 995.0% during the second quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after buying an additional 2,522,204 shares during the period. Stieven Capital Advisors L.P. bought a new position in Valley National Bancorp during the first quarter valued at $6,618,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after acquiring an additional 484,332 shares during the period. 61.00% of the stock is 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.