Valley National Bancorp (VLY, Financial) announced its financial results for the first quarter, detailing revenue of $478.399 million. This figure falls short of analysts' expectations, which had forecasted revenue to reach $483.3 million. Despite not meeting the consensus, the company emphasized its progress in enhancing its funding base over the quarter.
CEO Ira Robbins highlighted a strategic shift towards growing core deposits, which has allowed the company to reduce its dependence on indirect deposits. This move is expected to provide a more stable foundation for future revenue growth and improve the net interest margin, even amidst the prevailing uncertainties in the market environment.
With these initiatives, Valley National Bancorp aims to build a sustainable growth trajectory, leveraging the strong performance of core deposits to navigate the current economic volatility effectively.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 9 analysts, the average target price for Valley National Bancorp (VLY, Financial) is $10.83 with a high estimate of $12.00 and a low estimate of $9.50. The average target implies an upside of 25.82% from the current price of $8.61. More detailed estimate data can be found on the Valley National Bancorp (VLY) Forecast page.
Based on the consensus recommendation from 11 brokerage firms, Valley National Bancorp's (VLY, Financial) average brokerage recommendation is currently 2.4, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Valley National Bancorp (VLY, Financial) in one year is $10.05, suggesting a upside of 16.72% from the current price of $8.61. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Valley National Bancorp (VLY) Summary page.
