Wedbush Cuts Earnings Estimates for Valley National Bancorp

Valley National Bancorp (NASDAQ:VLY) – Equities researchers at Wedbush decreased their FY2024 earnings 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 forecast of $0.69. Wedbush has a “Neutral” rating and a $10.00 price target on the stock. The consensus estimate for Valley National Bancorp’s current full-year earnings is $0.67 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.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the previous year, the business earned $0.26 earnings per share.

Other equities analysts also recently issued reports about the company. Piper Sandler raised their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Barclays upped their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “underweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Finally, Morgan Stanley upped their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.63.

Valley National Bancorp Stock Up 3.0 %

Shares of VLY opened at $9.55 on Monday. The stock’s 50-day moving average price is $8.80 and its two-hundred day moving average price is $7.91. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The company has a market capitalization of $4.86 billion, a PE ratio of 15.40 and a beta of 1.08. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50.

Hedge Funds Weigh In On Valley National Bancorp

Several institutional investors have recently made changes to their positions in the stock. Innealta Capital LLC bought a new stake in shares of Valley National Bancorp during the second quarter valued at approximately $38,000. EntryPoint Capital LLC bought a new stake in Valley National Bancorp during the 1st quarter valued at $43,000. Blue Trust Inc. raised its holdings in Valley National Bancorp by 48.2% during the third quarter. Blue Trust Inc. now owns 4,809 shares of the company’s stock worth $44,000 after buying an additional 1,564 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Valley National Bancorp by 416.8% in the third quarter. Hexagon Capital Partners LLC now owns 6,201 shares of the company’s stock valued at $56,000 after buying an additional 5,001 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Valley National Bancorp by 46.4% during the third quarter. GAMMA Investing LLC now owns 6,791 shares of the company’s stock valued at $62,000 after buying an additional 2,151 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s payout ratio is 70.97%.

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.