Wedbush Cuts Valley National Bancorp (NASDAQ:VLY) Price Target to $8.00

Valley National Bancorp (NASDAQ:VLY) had its target price decreased by investment analysts at Wedbush from $9.00 to $8.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target points to a potential upside of 9.29% from the company’s current price. Wedbush also issued estimates for Valley National Bancorp’s Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.23 EPS, Q4 2024 earnings at $0.27 EPS, FY2024 earnings at $0.90 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.28 EPS, Q3 2025 earnings at $0.29 EPS, Q4 2025 earnings at $0.29 EPS and FY2025 earnings at $1.15 EPS.

VLY has been the subject of a number of other research reports. TheStreet downgraded shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, February 27th. JPMorgan Chase & Co. cut their price target on shares of Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, April 4th. Morgan Stanley increased their target price on shares of Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, February 7th. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. Finally, Keefe, Bruyette & Woods lowered their target price on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp has a consensus rating of “Hold” and a consensus price target of $9.33.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $7.32 on Friday. The company has a 50-day simple moving average of $7.81 and a 200-day simple moving average of $8.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 1.00. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 8.61 and a beta of 1.09. Valley National Bancorp has a one year low of $6.39 and a one year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, April 25th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The firm had revenue of $890.07 million during the quarter, compared to analysts’ expectations of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same quarter last year, the business earned $0.30 earnings per share. On average, analysts predict that Valley National Bancorp will post 0.93 EPS for the current year.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 49,715 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the transaction, the executive vice president now directly owns 545,249 shares in the company, valued at $4,460,136.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On Valley National Bancorp

Institutional investors have recently bought and sold shares of the stock. Simplicity Wealth LLC purchased a new stake in shares of Valley National Bancorp during the 1st quarter valued at $92,000. Louisiana State Employees Retirement System raised its holdings in Valley National Bancorp by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 122,700 shares of the company’s stock valued at $977,000 after buying an additional 2,900 shares during the period. State of Michigan Retirement System lifted its position in Valley National Bancorp by 2.4% during the first quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock valued at $834,000 after buying an additional 2,500 shares in the last quarter. Cornerstone Wealth Group LLC purchased a new stake in Valley National Bancorp during the first quarter worth approximately $504,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of Valley National Bancorp in the first quarter worth $243,000. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

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.