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

Valley National Bancorp (NASDAQ:VLY) had its price objective lowered by Wedbush from $9.00 to $8.00 in a research report report published on Friday morning, Benzinga reports. Wedbush 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.

Several other analysts also recently issued reports on VLY. Royal Bank of Canada lowered their price target on Valley National Bancorp from $12.00 to $10.00 and set an outperform rating for the company in a report on Tuesday, April 9th. Morgan Stanley increased their price target on Valley National Bancorp from $8.50 to $9.00 and gave the company an underweight rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. lowered their price target on Valley National Bancorp from $12.00 to $9.00 and set a neutral rating for the company in a report on Thursday, April 4th. TheStreet downgraded Valley National Bancorp from a b- rating to a c+ rating in a report on Tuesday, February 27th. Finally, StockNews.com downgraded Valley National Bancorp from a hold rating to a sell rating in a report on Friday, February 16th. Three investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $9.33.

Valley National Bancorp Trading Down 2.7 %

Shares of VLY opened at $7.12 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $3.62 billion, a P/E ratio of 8.38 and a beta of 1.09. The stock’s fifty day simple moving average is $7.79 and its 200 day simple moving average is $8.81. Valley National Bancorp has a twelve month low of $6.39 and a twelve month high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01). The firm had revenue of $890.07 million during the quarter, compared to analysts’ expectations of $447.38 million. Valley National Bancorp had a return on equity of 7.74% and a net margin of 12.88%. During the same period last year, the business posted $0.30 earnings per share. On average, equities research analysts forecast that Valley National Bancorp will post 0.9 earnings per share for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 6.18%. Valley National Bancorp’s dividend payout ratio is presently 51.76%.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 49,715 shares of Valley National Bancorp stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the transaction, the executive vice president now directly owns 545,249 shares in the company, valued at $4,460,136.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.88% of the company’s stock.

Hedge Funds Weigh In On Valley National Bancorp

Hedge funds have recently bought and sold shares of the company. Trexquant Investment LP grew its stake in Valley National Bancorp by 111.5% in the third quarter. Trexquant Investment LP now owns 70,824 shares of the company’s stock worth $606,000 after purchasing an additional 37,331 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in Valley National Bancorp in the fourth quarter worth about $1,301,000. Wellington Management Group LLP lifted its holdings in Valley National Bancorp by 107.4% in the third 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. Cerity Partners LLC bought a new position in Valley National Bancorp in the fourth quarter worth about $1,623,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Valley National Bancorp by 60.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 299,963 shares of the company’s stock worth $3,258,000 after acquiring an additional 113,527 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

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.