Wedbush Lowers Valley National Bancorp (NASDAQ:VLY) Price Target to $8.00

Valley National Bancorp (NASDAQ:VLY) had its target price reduced by Wedbush from $9.00 to $8.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Wedbush’s price objective indicates a potential upside of 9.29% from the company’s previous close. Wedbush also issued estimates for Valley National Bancorp’s Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.90 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.28 EPS, Q3 2025 earnings at $0.29 EPS, Q4 2025 earnings at $0.29 EPS and FY2025 earnings at $1.15 EPS.

VLY has been the topic of several other research reports. TheStreet cut Valley National Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, February 27th. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, February 16th. Citigroup decreased their price objective on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating for the company in a report on Wednesday, March 13th. JPMorgan Chase & Co. dropped their target price on Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, April 4th. Finally, Morgan Stanley upped their price objective on shares of Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, February 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.33.

Valley National Bancorp Stock Down 5.8 %

Shares of NASDAQ VLY opened at $7.32 on Friday. Valley National Bancorp has a 52-week low of $6.39 and a 52-week high of $11.22. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of 8.61 and a beta of 1.09. The stock has a 50 day moving average price of $7.81 and a 200 day moving average price of $8.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 1.00.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01). Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. The firm had revenue of $890.07 million during the quarter, compared to the consensus estimate of $447.38 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. Sell-side analysts expect that Valley National Bancorp will post 0.93 earnings per share for the current year.

Insider Buying and Selling at Valley National Bancorp

In other news, EVP Joseph Chillura sold 49,715 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the sale, the executive vice president now owns 545,249 shares in the company, valued at $4,460,136.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of VLY. Vanguard Group Inc. grew its position in Valley National Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 45,625,380 shares of the company’s stock valued at $495,492,000 after buying an additional 198,236 shares during the period. Dimensional Fund Advisors LP increased its holdings in Valley National Bancorp by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 24,889,858 shares of the company’s stock worth $270,309,000 after acquiring an additional 1,257,800 shares in the last quarter. American Century Companies Inc. raised its position in Valley National Bancorp by 7.6% during the third 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 period. Charles Schwab Investment Management Inc. raised its position in shares of Valley National Bancorp by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,294,793 shares of the company’s stock worth $68,361,000 after purchasing an additional 259,796 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Valley National Bancorp by 3.3% during the 4th quarter. Victory Capital Management Inc. now owns 5,093,370 shares of the company’s stock worth $55,314,000 after purchasing an additional 161,121 shares during the last quarter. 61.00% of the stock is owned by institutional investors and hedge funds.

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.