Valley National Bancorp (NASDAQ:VLY) PT Lowered to $8.00 at Wedbush

Valley National Bancorp (NASDAQ:VLY) had its price objective trimmed by Wedbush from $9.00 to $8.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a neutral rating on the stock. 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 a number of other research reports. Keefe, Bruyette & Woods decreased their price objective 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. Royal Bank of Canada reduced their price objective on Valley National Bancorp from $12.00 to $10.00 and set an outperform rating on the stock in a report on Tuesday, April 9th. StockNews.com lowered Valley National Bancorp from a hold rating to a sell rating in a research note on Friday, February 16th. TheStreet lowered Valley National Bancorp from a b- rating to a c+ rating in a research report on Tuesday, February 27th. Finally, Barclays began 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 target for the company. Three 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $9.33.

Valley National Bancorp Price Performance

NASDAQ:VLY opened at $7.32 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.51. The firm has a market cap of $3.73 billion, a PE ratio of 8.61 and a beta of 1.09. Valley National Bancorp has a 12 month low of $6.39 and a 12 month high of $11.22. The company’s 50-day moving average price is $7.81 and its two-hundred day moving average price is $8.81.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, April 25th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.01). Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. The business had revenue of $890.07 million during the quarter, compared to analyst estimates of $447.38 million. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, equities analysts anticipate that Valley National Bancorp will post 0.93 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Joseph Chillura sold 49,715 shares of the firm’s 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 sale, the executive vice president now owns 545,249 shares of the company’s stock, valued at approximately $4,460,136.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.88% of the company’s stock.

Hedge Funds Weigh In On Valley National Bancorp

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC bought a new position in Valley National Bancorp during the 3rd quarter worth about $1,614,000. Raymond James Financial Services Advisors Inc. raised its position in Valley National Bancorp by 363.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 192,963 shares of the company’s stock valued at $1,652,000 after buying an additional 151,355 shares during the last quarter. Stratos Wealth Partners LTD. bought a new stake in Valley National Bancorp in the 3rd quarter valued at approximately $93,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Valley National Bancorp by 19.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 94,594 shares of the company’s stock worth $810,000 after acquiring an additional 15,726 shares in the last quarter. Finally, Strs Ohio raised its holdings in shares of Valley National Bancorp by 26.0% in the third quarter. Strs Ohio now owns 36,800 shares of the company’s stock valued at $315,000 after purchasing an additional 7,600 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

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.