$0.18 EPS Expected for Valley National Bancorp (NYSE:VLY) This Quarter
Brokerages expect Valley National Bancorp (NYSE:VLY) to report earnings per share of $0.18 for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Valley National Bancorp’s earnings, with the lowest EPS estimate coming in at $0.17 and the highest estimate coming in at $0.18. Valley National Bancorp reported earnings per share of $0.15 during the same quarter last year, which indicates a positive year-over-year growth rate of 20%. The company is expected to issue its next earnings results before the market opens on Wednesday, July 26th.
According to Zacks, analysts expect that Valley National Bancorp will report full year earnings of $0.71 per share for the current fiscal year, with EPS estimates ranging from $0.70 to $0.72. For the next financial year, analysts forecast that the business will post earnings of $0.77 per share, with EPS estimates ranging from $0.76 to $0.78. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The firm had revenue of $189.80 million during the quarter, compared to analysts’ expectations of $187.34 million. Valley National Bancorp had a return on equity of 8.08% and a net margin of 20.07%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.14 earnings per share.
A number of research analysts have commented on the company. Zacks Investment Research raised Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Friday, April 7th. Wedbush reaffirmed a “neutral” rating and set a $12.00 target price on shares of Valley National Bancorp in a report on Tuesday, June 27th. BidaskClub raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $13.00 target price on shares of Valley National Bancorp in a report on Monday, April 3rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $11.50 target price (up previously from $11.00) on shares of Valley National Bancorp in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $11.80.
Several hedge funds have recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Valley National Bancorp by 6.3% in the fourth quarter. Comerica Bank now owns 187,346 shares of the financial services provider’s stock valued at $2,181,000 after buying an additional 11,029 shares during the period. Teachers Advisors LLC increased its stake in shares of Valley National Bancorp by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 439,942 shares of the financial services provider’s stock valued at $5,121,000 after buying an additional 9,760 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Valley National Bancorp by 1.4% in the first quarter. Nisa Investment Advisors LLC now owns 120,441 shares of the financial services provider’s stock valued at $1,421,000 after buying an additional 1,700 shares during the last quarter. Norges Bank acquired a new stake in shares of Valley National Bancorp during the fourth quarter valued at $27,167,000. Finally, Prudential Financial Inc. increased its stake in shares of Valley National Bancorp by 109.0% in the first quarter. Prudential Financial Inc. now owns 330,094 shares of the financial services provider’s stock valued at $3,895,000 after buying an additional 172,120 shares during the last quarter. 61.48% of the stock is currently owned by institutional investors and hedge funds.
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Valley National Bancorp (NYSE VLY) traded down 0.08% during midday trading on Tuesday, reaching $11.82. The company had a trading volume of 1,621,563 shares. Valley National Bancorp has a 12 month low of $8.90 and a 12 month high of $12.82. The firm’s 50-day moving average price is $11.61 and its 200 day moving average price is $11.83. The firm has a market capitalization of $3.12 billion, a PE ratio of 17.91 and a beta of 0.90.
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Tuesday, June 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 65.67%.
About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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