Valley National Bancorp Expected to Post Q3 2024 Earnings of $0.18 Per Share (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) – Research analysts at Wedbush decreased their Q3 2024 earnings per share estimates for shares of Valley National Bancorp in a research report issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now expects that the company will earn $0.18 per share for the quarter, down from their previous estimate of $0.19. Wedbush has a “Neutral” rating and a $10.00 price objective 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 announced its quarterly earnings data on Thursday, July 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The business had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. During the same quarter in the prior year, the company earned $0.28 earnings per share.

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

Valley National Bancorp Stock Performance

VLY stock opened at $8.83 on Wednesday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51. The company has a market cap of $4.50 billion, a P/E ratio of 10.39 and a beta of 1.08. The business’s fifty day moving average is $8.31 and its 200-day moving average is $7.68.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Innealta Capital LLC bought a new position in Valley National Bancorp in the second quarter valued at $38,000. EntryPoint Capital LLC bought a new position in shares of Valley National Bancorp in the 1st quarter valued at about $43,000. Wolverine Asset Management LLC increased its position in shares of Valley National Bancorp by 147.7% in the second quarter. Wolverine Asset Management LLC now owns 9,325 shares of the company’s stock valued at $65,000 after acquiring an additional 5,560 shares during the last quarter. AE Wealth Management LLC bought a new stake in Valley National Bancorp during the second quarter worth about $81,000. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Valley National Bancorp during the second quarter valued at approximately $94,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.98%. The ex-dividend date of this dividend is Friday, September 13th. Valley National Bancorp’s dividend payout ratio is 51.76%.

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.