Q3 2024 Earnings Estimate for Valley National Bancorp (NASDAQ:VLY) Issued By Wedbush

Valley National Bancorp (NASDAQ:VLY) – Equities researchers at Wedbush dropped their Q3 2024 earnings estimates for Valley National Bancorp in a note issued to investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now anticipates that the company will earn $0.18 per share for the quarter, down from their previous estimate of $0.19. Wedbush currently has a “Neutral” rating and a $10.00 target price on the stock. The consensus estimate for Valley National Bancorp’s current full-year earnings is $0.70 per share. Wedbush also issued estimates for Valley National Bancorp’s Q4 2024 earnings at $0.19 EPS, FY2024 earnings at $0.69 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.24 EPS, Q3 2025 earnings at $0.26 EPS, Q4 2025 earnings at $0.27 EPS, FY2025 earnings at $1.00 EPS and FY2026 earnings at $1.15 EPS.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The company had revenue of $884.68 million during the quarter, compared to the consensus estimate of $458.67 million. During the same quarter in the previous year, the company posted $0.28 earnings per share.

A number of other research analysts also recently commented on VLY. Morgan Stanley raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $8.00 to $9.50 in a research report on Monday, August 5th. Keefe, Bruyette & Woods increased their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday, July 26th. Royal Bank of Canada lifted their price target on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Finally, Barclays lowered their price objective on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.56.

Valley National Bancorp Price Performance

VLY opened at $8.81 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The business’s fifty day simple moving average is $8.34 and its 200-day simple moving average is $7.70. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 10.36 and a beta of 1.08. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VLY. AQR Capital Management LLC boosted its position in Valley National Bancorp by 193.2% in the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after purchasing an additional 6,703,552 shares in the last quarter. Norges Bank purchased a new stake in shares of Valley National Bancorp during the 4th quarter worth about $49,734,000. Millennium Management LLC grew its position in shares of Valley National Bancorp by 995.0% during the 2nd quarter. Millennium Management LLC now owns 2,775,698 shares of the company’s stock valued at $19,374,000 after acquiring an additional 2,522,204 shares during the period. Stieven Capital Advisors L.P. acquired a new stake in Valley National Bancorp in the first quarter valued at approximately $6,618,000. Finally, BNP Paribas Financial Markets increased its position in shares of Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after buying an additional 484,332 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.99%. Valley National Bancorp’s dividend payout ratio is currently 51.76%.

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.