What is Wedbush’s Forecast for VLY FY2024 Earnings?

Valley National Bancorp (NASDAQ:VLY) – Equities researchers at Wedbush cut their FY2024 EPS estimates for Valley National Bancorp in a research report issued on Friday, October 25th. Wedbush analyst D. Chiaverini now anticipates that the company will post earnings per share of $0.66 for the year, down from their previous forecast of $0.69. 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 $0.17 EPS, Q3 2025 earnings at $0.25 EPS and FY2026 earnings at $1.10 EPS.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada lifted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Piper Sandler increased their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday. Morgan Stanley lifted their target price on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Keefe, Bruyette & Woods increased their price target on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.63.

Valley National Bancorp Stock Down 3.4 %

Shares of VLY opened at $9.27 on Monday. The firm has a fifty day moving average price of $8.77 and a 200-day moving average price of $7.89. 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 firm has a market capitalization of $4.72 billion, a P/E ratio of 10.91 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.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. The company had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. During the same quarter in the previous year, the business earned $0.26 EPS.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its holdings in Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock worth $4,874,000 after acquiring an additional 484,332 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Valley National Bancorp during the 1st quarter worth approximately $1,021,000. State Board of Administration of Florida Retirement System grew its position in Valley National Bancorp by 74.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after purchasing an additional 106,290 shares during the last quarter. State of Michigan Retirement System increased its stake in Valley National Bancorp by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Edgestream Partners L.P. raised its holdings in shares of Valley National Bancorp by 821.0% in the first quarter. Edgestream Partners L.P. now owns 392,578 shares of the company’s stock worth $3,125,000 after buying an additional 349,954 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 annualized dividend and a yield of 4.75%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 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.