Valley National Bancorp (NASDAQ:VLY) to Post Q1 2024 Earnings of $0.20 Per Share, Wedbush Forecasts

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

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

VLY has been the topic of a number of other reports. Citigroup dropped their price target on shares of Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Morgan Stanley boosted their price target on shares of Valley National Bancorp from $8.50 to $9.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 7th. TheStreet downgraded shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th. StockNews.com downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, February 16th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp has a consensus rating of “Hold” and an average target price of $10.00.

Valley National Bancorp Trading Up 0.8 %

NASDAQ VLY opened at $7.96 on Thursday. Valley National Bancorp has a one year low of $6.39 and a one year high of $11.22. The company has a 50-day simple moving average of $8.55 and a 200-day simple moving average of $8.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $4.05 billion, a PE ratio of 8.38 and a beta of 1.09.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Trexquant Investment LP grew its position in shares of Valley National Bancorp by 111.5% in the 3rd quarter. Trexquant Investment LP now owns 70,824 shares of the company’s stock valued at $606,000 after purchasing an additional 37,331 shares during the period. Wellington Management Group LLP boosted its position in Valley National Bancorp by 107.4% during the 3rd quarter. Wellington Management Group LLP now owns 4,443,543 shares of the company’s stock worth $38,037,000 after acquiring an additional 2,301,128 shares during the last quarter. UBS Group AG boosted its position in Valley National Bancorp by 155.7% during the 3rd quarter. UBS Group AG now owns 308,603 shares of the company’s stock worth $2,642,000 after acquiring an additional 187,917 shares during the last quarter. Sei Investments Co. boosted its position in Valley National Bancorp by 10.6% during the 3rd quarter. Sei Investments Co. now owns 1,455,237 shares of the company’s stock worth $12,457,000 after acquiring an additional 138,906 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Valley National Bancorp by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 45,427,144 shares of the company’s stock worth $388,856,000 after acquiring an additional 356,880 shares during the last quarter. 61.00% of the stock is owned by institutional investors.

Insider Activity 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 shares were sold at an average price of $8.18, for a total transaction of $406,668.70. Following the completion of the transaction, the executive vice president now owns 545,249 shares of the company’s stock, 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. 1.71% of the stock is owned by corporate insiders.

Valley National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.53%. The ex-dividend date of this dividend is Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio is currently 46.32%.

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.