Wedbush Has Pessimistic Outlook of VLY FY2024 Earnings

Valley National Bancorp (NASDAQ:VLY) – Equities research analysts at Wedbush cut their FY2024 EPS estimates for shares of Valley National Bancorp in a research report issued to clients and investors on Friday, October 25th. Wedbush analyst D. Chiaverini now forecasts that the company will post earnings per share of $0.66 for the year, down from their prior estimate of $0.69. 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 $0.17 EPS, Q3 2025 earnings at $0.25 EPS and FY2026 earnings at $1.10 EPS.

Several other brokerages have also recently weighed in on VLY. Royal Bank of Canada lifted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday. Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. increased their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Piper Sandler lifted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday. Finally, Barclays increased their target price on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “underweight” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.63.

Valley National Bancorp Stock Performance

Shares of VLY stock opened at $9.27 on Monday. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. The stock has a market cap of $4.72 billion, a PE ratio of 10.91 and a beta of 1.08. The business has a 50-day simple moving average of $8.77 and a 200-day simple moving average of $7.89.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period in the previous year, the firm posted $0.26 earnings per share.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.75%. Valley National Bancorp’s dividend payout ratio is currently 51.76%.

Hedge Funds Weigh In On Valley National Bancorp

A number of hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Valley National Bancorp by 193.2% during the second quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after purchasing an additional 6,703,552 shares in the last quarter. Millennium Management LLC boosted its stake in Valley National Bancorp by 995.0% during the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock worth $19,374,000 after purchasing an additional 2,522,204 shares during the last quarter. Stieven Capital Advisors L.P. purchased a new stake in shares of Valley National Bancorp during the first quarter worth $6,618,000. BNP Paribas Financial Markets raised its position 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 buying an additional 484,332 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Valley National Bancorp by 461.7% in the second quarter. Point72 Asset Management L.P. now owns 567,303 shares of the company’s stock valued at $3,960,000 after buying an additional 466,303 shares during the last quarter. Institutional investors and hedge funds 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.