Valley National Bancorp (NASDAQ:VLY) Given New $8.00 Price Target at Wedbush

Valley National Bancorp (NASDAQ:VLY) had its price target cut by Wedbush from $9.00 to $8.00 in a report released on Friday, Benzinga reports. They currently have 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 reports. TheStreet lowered Valley National Bancorp from a b- rating to a c+ rating in a research report on Tuesday, February 27th. Citigroup decreased their price objective on shares of Valley National Bancorp from $11.00 to $8.50 and set a neutral rating for the company in a report on Wednesday, March 13th. StockNews.com lowered shares of Valley National Bancorp from a hold rating to a sell rating in a research note on Friday, February 16th. JPMorgan Chase & Co. decreased their price target on Valley National Bancorp from $12.00 to $9.00 and set a neutral rating for the company in a research note on Thursday, April 4th. Finally, Morgan Stanley boosted their price objective on 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 given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $9.33.

Valley National Bancorp Stock Performance

Valley National Bancorp stock opened at $7.32 on Friday. The firm has a market capitalization of $3.73 billion, a PE ratio of 8.61 and a beta of 1.09. Valley National Bancorp has a one year low of $6.39 and a one year high of $11.22. The stock’s 50 day moving average price is $7.81 and its 200 day moving average price is $8.81. 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 posted its quarterly earnings data on Thursday, April 25th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The firm had revenue of $890.07 million for the quarter, compared to analysts’ expectations of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same quarter in the prior year, the business earned $0.30 EPS. As a group, sell-side analysts expect that Valley National Bancorp will post 0.93 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were given a dividend of $0.11 per share. 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 51.76%.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp 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 value of $406,668.70. Following the sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $4,460,136.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of VLY. Xponance Inc. boosted its position in shares of Valley National Bancorp by 2.1% during the fourth quarter. Xponance Inc. now owns 62,924 shares of the company’s stock worth $683,000 after buying an additional 1,286 shares during the period. Retirement Systems of Alabama boosted its position in Valley National Bancorp by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 534,111 shares of the company’s stock worth $5,800,000 after acquiring an additional 1,686 shares during the period. Arizona State Retirement System boosted its position in Valley National Bancorp by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 122,917 shares of the company’s stock worth $1,052,000 after acquiring an additional 1,693 shares during the period. Resources Management Corp CT ADV grew its stake in shares of Valley National Bancorp by 5.5% in the third quarter. Resources Management Corp CT ADV now owns 36,200 shares of the company’s stock worth $310,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Strs Ohio increased its holdings in shares of Valley National Bancorp by 5.4% during the fourth quarter. Strs Ohio now owns 38,800 shares of the company’s stock valued at $421,000 after purchasing an additional 2,000 shares during the period. 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.