Valley National Bancorp (NASDAQ:VLY) to Post Q2 2024 Earnings of $0.21 Per Share, Wedbush Forecasts

Valley National Bancorp (NASDAQ:VLY) – Equities researchers at Wedbush dropped their Q2 2024 EPS estimates for Valley National Bancorp in a research note issued on Thursday, April 25th. Wedbush analyst D. Chiaverini now forecasts that the company will earn $0.21 per share for the quarter, down from their previous estimate of $0.22. 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 $0.90 per share. Wedbush also issued estimates for Valley National Bancorp’s 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.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $890.07 million for the quarter, compared to analysts’ expectations of $447.38 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share.

VLY has been the topic of a number of other research reports. Barclays started coverage on shares of Valley National Bancorp in a research note on Friday, March 8th. They set an “underweight” rating and a $8.00 target price on the stock. JPMorgan Chase & Co. lowered their price objective on Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, April 4th. Keefe, Bruyette & Woods dropped their price objective on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, January 26th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. Finally, TheStreet lowered shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, February 27th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $9.33.

Valley National Bancorp Trading Down 5.8 %

Shares of Valley National Bancorp stock opened at $7.32 on Monday. Valley National Bancorp has a 1-year low of $6.39 and a 1-year high of $11.22. The company’s fifty day simple moving average is $7.81 and its 200-day simple moving average is $8.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.00 and a quick ratio of 0.99. The stock has a market capitalization of $3.73 billion, a PE ratio of 8.61 and a beta of 1.09.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Valley National Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 45,625,380 shares of the company’s stock worth $495,492,000 after purchasing an additional 198,236 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Valley National Bancorp by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 24,889,858 shares of the company’s stock worth $270,309,000 after buying an additional 1,257,800 shares during the period. American Century Companies Inc. increased its position in shares of Valley National Bancorp by 7.6% in the 3rd quarter. American Century Companies Inc. now owns 13,025,530 shares of the company’s stock valued at $111,499,000 after acquiring an additional 920,140 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Valley National Bancorp by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,294,793 shares of the company’s stock valued at $68,361,000 after purchasing an additional 259,796 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Valley National Bancorp by 3.3% during the fourth 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 period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Joseph Chillura sold 49,715 shares of the stock in a transaction on Monday, March 11th. The stock was 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 of the company’s stock, valued at approximately $4,460,136.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.88% of the stock is currently owned by insiders.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.01%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s payout ratio is presently 51.76%.

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.