Wedbush Equities analysts raise earnings estimates for Valley National Bancorp (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY – Get a rating) – Wedbush Research analysts raised their third-quarter 2022 EPS estimates for Valley National Bancorp in a report released Friday, July 29. Wedbush analyst D. Chiaverini now expects the company to post earnings per share of $0.33 for the quarter, up from its previous forecast of $0.32. The consensus estimate for Valley National Bancorp’s current annual earnings is $1.21 per share. Wedbush also released estimates for Valley National Bancorp Q4 2022 earnings at $0.36 EPS, FY2022 earnings at $1.28 EPS, Q1 2023 earnings at $0.36 EPS, Q2 2023 earnings at $0.37 EPS, Q3 2023 earnings at $0.38 EPS, Q4 2023 earnings at $0.39 EPS and fiscal year 2023 earnings at $1.50 EPS.

Separately, Citigroup lowered its target price on Valley National Bancorp from $14.00 to $13.00 in a Tuesday, May 3 research report.

Valley National Bancorp Stock up 0.8%

NASDAQ:VLY shares opened at $11.69 on Monday. The company has a debt ratio of 0.30, a quick ratio of 0.98 and a current ratio of 0.98. Valley National Bancorp has a 1-year minimum of $10.01 and a 1-year maximum of $15.10. The stock has a market capitalization of $5.92 billion, a P/E ratio of 10.44 and a beta of 1.13. The stock has a 50-day simple moving average of $11.18 and a 200-day simple moving average of $12.50.

Valley National Bancorp (NASDAQ:VLY – Get a rating) last released its quarterly results on Thursday, July 28. The company reported earnings per share (EPS) of $0.32 for the quarter, beating the consensus estimate of $0.29 by $0.03. Valley National Bancorp had a return on equity of 10.35% and a net margin of 31.53%. The company posted revenue of $476.70 million in the quarter, compared to a consensus estimate of $444.35 million. In the same quarter a year earlier, the company posted EPS of $0.30. The company’s revenue increased 38.6% year over year.

Valley National Bancorp Announces Dividend

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The company also recently declared a quarterly dividend, which was paid on Friday, July 1. Shareholders of record on Wednesday, June 15 received a dividend of $0.11. The ex-dividend date was Tuesday, June 14. This represents an annualized dividend of $0.44 and a dividend yield of 3.76%. Valley National Bancorp’s payout ratio is currently 39.29%.

Institutional investors weigh in on Valley National Bancorp

Major investors have recently changed their positions in the company. Wellington Management Group LLP increased its holdings in Valley National Bancorp by 153.8% in the first quarter. Wellington Management Group LLP now owns 8,869,091 shares of the company worth $115,476,000 after purchasing an additional 5,374,624 shares last quarter. BlackRock Inc. increased its stake in shares of Valley National Bancorp by 5.2% during the 1st quarter. BlackRock Inc. now owns 57,936,970 shares of the company valued at $754,340,000 after purchasing an additional 2,877,763 shares last quarter. State Street Corp increased its stake in Valley National Bancorp by 11.1% in the first quarter. State Street Corp now owns 20,600,597 shares of the company worth $270,425,000 after acquiring an additional 2,051,696 shares during the period. Vanguard Group Inc. increased its stake in Valley National Bancorp by 3.8% in Q1. Vanguard Group Inc. now owns 41,628,512 shares of the company worth $542,003,000 after acquiring an additional 1,534,805 shares during the period. Finally, Capital World Investors increased its stake in Valley National Bancorp by 20.3% in the 1st quarter. Capital World Investors now owns 5,495,000 shares of the company worth $71,545,000 after acquiring an additional 928,000 shares during the period. Institutional investors and hedge funds own 78.90% of the company’s shares.

About Valley National Bancorp

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Valley National Bancorp operates as a holding company for Valley National Bank which provides various commercial, retail, insurance and wealth management financial services products. It operates through commercial lending, consumer lending and investment management segments. The company offers interest-free, savings, NOW, money market and term deposit accounts; commercial and industrial, commercial real estate, residential mortgages and automobile loans; loans secured by the cash value of life insurance; home equity loans and lines of credit; and other secured and unsecured consumer loans.

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

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