Valley National Bancorp (VLY)

Valley National Bancorp (VLY) stock dropped by 8.50% due to a target price reduction by Royal Bank of Canada and various other research analysts' comments. Some analyst actions:

• Royal Bank of Canada: Reduced the target price for VLY from $12.00 to $10.00 and maintained an outperform rating on the stock.
• Barclays: Initiated coverage on Valley National Bancorp with an underweight rating and a $8.00 price target.
• TheStreet: Downgraded Valley National Bancorp from a b- rating to a c+ rating.
• Wedbush: Lowered the price target on VLY from $12.00 to $11.00 and maintained a neutral rating.
• Citigroup: Reduced the price target on Valley National Bancorp from $11.00 to $8.50 and maintained a neutral rating.
• StockNews.com: Lowered Valley National Bancorp from a hold rating to a sell rating.

Valley National Bancorp (VLY) stock declined by 5.61% after releasing its Full Year 2023 Results. However, these results missed most of the estimates, leading to a drop in stock's price.

• Key Financial Results: The company reported a revenue of US$1.82 billion, marking a 1.7% increase from FY 2022. However, its net income decreased by 13% to US$482.4 million, and the profit margin declined to 27% from 31% in FY 2022, primarily due to higher expenses. The earnings per share (EPS) also fell to US$0.95 from US$1.15 in FY 2022.
• Future Outlook: Valley National Bancorp (VLY) is forecasted to achieve an average annual revenue growth rate of 8.0% over the next 3 years, surpassing the 5.8% growth forecast for the Banks industry in the US.

VLY's stock fell because it is worried that VLY would be hurt by contagion arising from the failure of multiple banks. Moreover, investment bank Raymond James lowered its rating on VLY stock.

https://investorplace.com/2023/05/vly-stock-alert-is-valley-national-the-next-bank-to-fail/?mod=mw_quote_news