Wedbush Comments on Valley National Bancorp’s Q3 2023 Earnings (NASDAQ:VLY)

Posted by Defense World Staff on Jul 31st, 2023

Valley National Bancorp (NASDAQ:VLY – Free Report) – Equities research analysts at Wedbush cut their Q3 2023 earnings per share (EPS) estimates for Valley National Bancorp in a report released on Friday, July 28th. Wedbush analyst D. Chiaverini now forecasts that the company will earn $0.24 per share for the quarter, down from their prior forecast of $0.27. The consensus estimate for Valley National Bancorp’s current full-year earnings is $1.09 per share. Wedbush also issued estimates for Valley National Bancorp’s Q4 2023 earnings at $0.24 EPS, FY2023 earnings at $1.05 EPS, Q1 2024 earnings at $0.27 EPS, Q2 2024 earnings at $0.29 EPS, Q3 2024 earnings at $0.29 EPS, FY2024 earnings at $1.15 EPS, Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.33 EPS and FY2025 earnings at $1.35 EPS.

Valley National Bancorp (NASDAQ:VLY – Get Free Report) last released its earnings results on Thursday, July 27th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). Valley National Bancorp had a net margin of 22.01% and a return on equity of 10.69%. The firm had revenue of $847.53 million during the quarter, compared to the consensus estimate of $491.86 million. During the same period in the prior year, the company earned $0.32 EPS.

A number of other research analysts have also recently issued reports on VLY. Raymond James cut Valley National Bancorp from a “strong-buy” rating to a “market perform” rating in a research note on Monday, May 1st. JPMorgan Chase & Co. raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $10.00 price objective on the stock in a research note on Monday, June 5th. StockNews.com assumed coverage on Valley National Bancorp in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Morgan Stanley dropped their target price on shares of Valley National Bancorp from $13.00 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday, April 5th. Finally, TheStreet lowered shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, May 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.50.

Valley National Bancorp Stock Up 1.2 %

Shares of NASDAQ:VLY opened at $10.16 on Monday. The stock’s 50-day moving average price is $8.28 and its 200-day moving average price is $8.84. Valley National Bancorp has a 12-month low of $6.39 and a 12-month high of $13.07. The stock has a market capitalization of $5.16 billion, a P/E ratio of 8.26 and a beta of 1.09. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.39.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Lindbrook Capital LLC grew its position in Valley National Bancorp by 103.4% in the 1st quarter. Lindbrook Capital LLC now owns 2,716 shares of the company’s stock worth $25,000 after purchasing an additional 1,381 shares during the period. Quarry LP grew its position in Valley National Bancorp by 198.1% in the 1st quarter. Quarry LP now owns 3,070 shares of the company’s stock worth $28,000 after purchasing an additional 2,040 shares during the period. Ronald Blue Trust Inc. grew its position in Valley National Bancorp by 821.3% in the 1st quarter. Ronald Blue Trust Inc. now owns 3,501 shares of the company’s stock worth $40,000 after purchasing an additional 3,121 shares during the period. Parallel Advisors LLC grew its position in Valley National Bancorp by 219.5% in the 1st quarter. Parallel Advisors LLC now owns 5,013 shares of the company’s stock worth $46,000 after purchasing an additional 3,444 shares during the period. Finally, CI Investments Inc. grew its position in Valley National Bancorp by 28.9% in the 4th quarter. CI Investments Inc. now owns 4,998 shares of the company’s stock worth $57,000 after purchasing an additional 1,120 shares during the period. Institutional investors own 59.51% of the company’s stock.

Insiders Place Their Bets

In related news, Director Marc J. Lenner acquired 2,000 shares of the stock in a transaction on Monday, May 8th. The stock was acquired at an average cost of $15.09 per share, for a total transaction of $30,180.00. Following the completion of the acquisition, the director now directly owns 8,260 shares of the company’s stock, valued at approximately $124,643.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Valley National Bancorp news, Director Avner Mendelson bought 2,611 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was acquired at an average price of $15.52 per share, with a total value of $40,522.72. Following the completion of the purchase, the director now owns 134,126 shares of the company’s stock, valued at $2,081,635.52. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Marc J. Lenner bought 2,000 shares of the firm’s stock in a transaction on Monday, May 8th. The shares were acquired at an average cost of $15.09 per share, with a total value of $30,180.00. Following the purchase, the director now directly owns 8,260 shares of the company’s stock, valued at approximately $124,643.40. The disclosure for this purchase can be found here. Insiders purchased 9,027 shares of company stock worth $140,034 over the last three months. Company insiders own 1.71% of the company’s stock.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were issued a $0.11 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $0.44 annualized dividend and a yield of 4.33%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 35.77%.

Valley National Bancorp Company Profile

(Get Free Report)

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.

Earnings History and Estimates for Valley National Bancorp (NASDAQ:VLY)

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