Q2 2024 EPS Estimates for Valley National Bancorp Cut by Analyst (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) – Analysts at Wedbush dropped their Q2 2024 earnings per share estimates for shares of Valley National Bancorp in a research note issued to investors on Thursday, July 11th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings of $0.19 per share for the quarter, down from their previous estimate of $0.21. Wedbush currently has a “Neutral” rating and a $8.00 target price on the stock. The consensus estimate for Valley National Bancorp’s current full-year earnings is $0.85 per share. Wedbush also issued estimates for Valley National Bancorp’s Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.26 EPS and FY2024 earnings at $0.85 EPS.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, April 25th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.01). Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. The business had revenue of $890.07 million for the quarter, compared to the consensus estimate of $447.38 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share.

Several other analysts also recently issued reports on VLY. Barclays reduced their price target on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $8.00 price target (down from $12.00) on shares of Valley National Bancorp in a research note on Friday, May 31st. JPMorgan Chase & Co. reduced their price target on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. StockNews.com upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 17th. Finally, Royal Bank of Canada reduced their price target on Valley National Bancorp from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Valley National Bancorp presently has an average rating of “Hold” and a consensus target price of $8.44.

Valley National Bancorp Stock Performance

VLY opened at $7.36 on Friday. The business has a fifty day simple moving average of $7.10 and a 200 day simple moving average of $8.11. The company has a market capitalization of $3.75 billion, a PE ratio of 8.66 and a beta of 1.08. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.00 and a quick ratio of 1.00.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Thursday, June 13th were issued a $0.11 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.44 annualized dividend and a yield of 5.98%. Valley National Bancorp’s dividend payout ratio is presently 51.76%.

Insider Buying and Selling at Valley National Bancorp

In other news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the completion of the transaction, the director now owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the completion of the transaction, the director now owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph Chillura sold 10,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The disclosure for this sale can be found here. Insiders sold 51,451 shares of company stock valued at $378,452 in the last three months. Corporate insiders own 1.88% of the company’s stock.

Institutional Investors Weigh In On Valley National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of VLY. American Century Companies Inc. grew its position in Valley National Bancorp by 7.6% during the 3rd quarter. American Century Companies Inc. now owns 13,025,530 shares of the company’s stock worth $111,499,000 after acquiring an additional 920,140 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Valley National Bancorp by 107.4% in the 3rd quarter. Wellington Management Group LLP now owns 4,443,543 shares of the company’s stock valued at $38,037,000 after buying an additional 2,301,128 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Valley National Bancorp by 96.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 141,857 shares of the company’s stock valued at $1,214,000 after buying an additional 69,614 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Valley National Bancorp by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 45,427,144 shares of the company’s stock valued at $388,856,000 after buying an additional 356,880 shares during the last quarter. Finally, Diversified Trust Co bought a new stake in shares of Valley National Bancorp in the 4th quarter valued at about $193,000. Institutional investors own 61.00% of the company’s stock.

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.