Q1 2024 Earnings Forecast for Valley National Bancorp (NASDAQ:VLY) Issued By Wedbush

Valley National Bancorp (NASDAQ:VLY - Free Report) - Wedbush lowered their Q1 2024 earnings per share (EPS) estimates for shares of Valley National Bancorp in a research note issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the company will post earnings per share of $0.20 for the quarter, down from their previous forecast of $0.21. Wedbush currently has a "Neutral" rating and a $11.00 target price 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.

A number of other analysts also recently issued reports on the stock. StockNews.com downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Friday, February 16th. Citigroup dropped 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. Keefe, Bruyette & Woods reduced their target price on Valley National Bancorp from $13.00 to $12.00 and set an "outperform" rating on the stock in a report on Friday, January 26th. Barclays assumed coverage on shares of Valley National Bancorp in a research report on Friday, March 8th. They set an "underweight" rating and a $8.00 price objective for the company. Finally, Morgan Stanley raised their target price 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 equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $10.00.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY traded up $0.06 during trading on Thursday, reaching $7.96. 6,518,892 shares of the stock were exchanged, compared to its average volume of 6,425,431. The firm has a market cap of $4.05 billion, a PE ratio of 8.32 and a beta of 1.09. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. Valley National Bancorp has a 12 month low of $6.39 and a 12 month high of $11.22. The stock has a 50-day moving average price of $8.59 and a 200-day moving average price of $8.96.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced 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). Valley National Bancorp had a net margin of 14.82% and a return on equity of 8.67%. The business had revenue of $449.97 million for the quarter, compared to analyst estimates of $467.49 million. During the same period in the prior year, the business earned $0.35 EPS.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Investors of record on Thursday, March 14th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.53%. The ex-dividend date is Wednesday, March 13th. Valley National Bancorp's dividend payout ratio is currently 46.32%.

Insider Buying and Selling at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 545,249 shares of the company's stock, valued at approximately $4,460,136.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. bought a new position in Valley National Bancorp during the first quarter valued at $276,000. HighTower Advisors LLC lifted its holdings in Valley National Bancorp by 179.4% during the first quarter. HighTower Advisors LLC now owns 34,453 shares of the company's stock worth $450,000 after buying an additional 22,120 shares during the period. Cetera Advisor Networks LLC grew its stake in Valley National Bancorp by 29.2% in the first quarter. Cetera Advisor Networks LLC now owns 37,654 shares of the company's stock valued at $490,000 after purchasing an additional 8,514 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Valley National Bancorp by 16.2% during the first quarter. PNC Financial Services Group Inc. now owns 35,562 shares of the company's stock valued at $463,000 after acquiring an additional 4,951 shares during the last quarter. Finally, Natixis Advisors L.P. acquired a new stake in shares of Valley National Bancorp in the 1st quarter worth $207,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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.