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

Valley National Bancorp (NASDAQ:VLY) – Investment analysts at Wedbush cut their Q1 2024 EPS estimates for shares of Valley National Bancorp in a report issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings of $0.20 per share for the quarter, down from their previous estimate of $0.21. Wedbush has a “Neutral” rating and a $11.00 price target 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.

Several other equities research analysts have also issued reports on VLY. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. TheStreet lowered shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, February 27th. Citigroup lowered their price objective 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. Barclays initiated coverage on shares of Valley National Bancorp in a research note on Friday, March 8th. They set an “underweight” rating and a $8.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lowered their price objective 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. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.00.

Valley National Bancorp Stock Up 3.8 %

Shares of VLY stock opened at $7.90 on Thursday. 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 1 year low of $6.39 and a 1 year high of $11.22. The firm’s fifty day moving average price is $8.59 and its two-hundred day moving average price is $8.96. The firm has a market capitalization of $4.02 billion, a P/E ratio of 8.32 and a beta of 1.09.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in VLY. Envestnet Asset Management Inc. acquired a new position in shares of Valley National Bancorp during the 1st quarter worth approximately $276,000. HighTower Advisors LLC boosted its position in shares of Valley National Bancorp by 179.4% during the 1st quarter. HighTower Advisors LLC now owns 34,453 shares of the company’s stock worth $450,000 after acquiring an additional 22,120 shares in the last quarter. Cetera Advisor Networks LLC boosted its position in shares of Valley National Bancorp by 29.2% during the 1st quarter. Cetera Advisor Networks LLC now owns 37,654 shares of the company’s stock worth $490,000 after acquiring an additional 8,514 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Valley National Bancorp by 16.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 35,562 shares of the company’s stock worth $463,000 after acquiring an additional 4,951 shares in the last quarter. Finally, Natixis Advisors L.P. acquired a new stake in shares of Valley National Bancorp during the 1st quarter worth approximately $207,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Insider Buying and Selling

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the 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 owns 545,249 shares in the company, valued at approximately $4,460,136.82. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.71% of the stock is currently owned by insiders.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Investors of record on Thursday, March 14th will be issued a dividend of $0.11 per share. 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 payout ratio is 46.32%.

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.