In the last trading session, 6.52 million shares of the Valley National Bancorp (NASDAQ:VLY) were traded, and its beta was 1.11. Most recently the company’s share price was $7.96, and it changed around $0.06 or 0.76% from the last close, which brings the market valuation of the company to $4.05B. VLY currently trades at a discount to its 52-week high of $11.22, offering almost -40.95% off that amount. The share price’s 52-week low was $6.39, which indicates that the current value has risen by an impressive 19.72% since then. We note from Valley National Bancorp’s average daily trading volume that its 10-day average is 5.89 million shares, with the 3-month average coming to 6.30 million.
Valley National Bancorp stock received a consensus recommendation rating of Hold, based on a mean score of 2.38. If we narrow it down even further, the data shows that 1 out of 12 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 5 recommended VLY as a Hold, whereas 4 deemed it a Buy, and 0 rated it as Underweight. Valley National Bancorp is expected to report earnings per share of $0.21 for the current quarter.
Valley National Bancorp (NASDAQ:VLY) trade information
Instantly VLY has showed a green trend with a performance of 0.76% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -26.70% year-to-date, but still down -1.12% over the last five days. On the other hand, Valley National Bancorp (NASDAQ:VLY) is -0.50% down in the 30-day period. We can see from the shorts that 39.6 million shares have been sold at a short interest cover period of 5.09 day(s).
The consensus price target as assigned by Wall Street analysts is $11.88, which translates to bulls needing to increase their stock price by 33.0% from its current value. Analyst projections state that VLY is forecast to be at a low of $8.5 and a high of $14.
Valley National Bancorp (VLY) estimates and forecasts
Valley National Bancorp share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -5.01 percent over the past six months and at a -8.49% annual growth rate that is well below the industry average of -7.00%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -30.00% in revenue this quarter, and will report a decrease of -17.90% in the next quarter. The year-over-year growth rate is expected to be 2.90%, up from the previous year.
Consensus estimates provided by 9 financial analysts predict the company will bring in an average of $458.44 million in revenue for the current quarter. 9 analysts expect Valley National Bancorp to make $477.14 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $520.3 million and $479.84 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -11.90%. Forecasts for the next quarter put sales growth at -0.60%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 4.85%. Valley National Bancorp earnings are expected to increase by -7.50% in 2024, but the outlook is positive 5.00% per year for the next five years.
VLY Dividends
Valley National Bancorp’s next quarterly earnings report is expected to be released around April 25 and April 29. The annual dividend yield of the stock is 5.53 percent and its annual dividend per share was 0.44. It is important to note, however, that the 5.53% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.
Valley National Bancorp (NASDAQ:VLY)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 1.48% of Valley National Bancorp shares, and 76.18% of them are in the hands of institutional investors. The stock currently has a share float of 77.32%. Valley National Bancorp stock is held by 436 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 19.07% of the shares, which is about 63.32 million shares worth $490.72 million.
Vanguard Group Inc, with 13.58% or 45.07 million shares worth $349.29 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.
Undiscovered Managers Behavioral Value Fund and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 14.29 million shares worth $110.76 million, making up 4.31% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 13.4 million shares worth around $103.86 million, which represents about 4.04% of the total shares outstanding.
