Wedbush Boosts Valley National Bancorp (NASDAQ:VLY) Price Target to $10.00

Valley National Bancorp (NASDAQ:VLY) had its target price boosted by Wedbush from $9.00 to $10.00 in a report released on Tuesday, Benzinga reports. Wedbush currently has a neutral rating on the stock. Wedbush also issued estimates for Valley National Bancorp’s Q3 2024 earnings at $0.18 EPS, 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.

Several other research firms have also commented on VLY. JPMorgan Chase & Co. lowered their price objective on shares of Valley National Bancorp from $8.50 to $8.00 and set a neutral rating for the company in a research note on Thursday, June 27th. Royal Bank of Canada raised their price target on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an outperform rating in a research report on Friday, July 26th. Barclays cut their price objective on Valley National Bancorp from $8.00 to $7.00 and set an underweight rating on the stock in a research report on Monday, June 24th. StockNews.com lowered Valley National Bancorp from a hold rating to a sell rating in a report on Wednesday, August 14th. Finally, Morgan Stanley raised Valley National Bancorp from an underweight rating to an equal weight rating and boosted their target price for the stock from $8.00 to $9.50 in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $8.56.

Valley National Bancorp Stock Down 0.5 %

NASDAQ:VLY opened at $8.77 on Tuesday. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.22. The stock’s fifty day moving average is $8.36 and its two-hundred day moving average is $7.70. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 10.32 and a beta of 1.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The firm had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period in the previous year, the company posted $0.28 EPS. Research analysts anticipate that Valley National Bancorp will post 0.7 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend is Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Institutional Investors Weigh In On Valley National Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Valley National Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 45,625,380 shares of the company’s stock valued at $495,492,000 after purchasing an additional 198,236 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Valley National Bancorp by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 25,722,816 shares of the company’s stock worth $179,537,000 after purchasing an additional 337,416 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Valley National Bancorp by 193.2% during the 2nd quarter. AQR Capital Management LLC now owns 10,173,791 shares of the company’s stock worth $69,233,000 after buying an additional 6,703,552 shares during the last quarter. Norges Bank acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at $49,734,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Valley National Bancorp by 6.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,814,048 shares of the company’s stock valued at $30,561,000 after buying an additional 160,854 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company’s stock.

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.