Zacks: Brokerages Expect Valley National Bancorp (VLY) Will Announce Quarterly Sales of $195.68 Million
Analysts expect that Valley National Bancorp (NYSE:VLY) will report $195.68 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Valley National Bancorp’s earnings, with the highest sales estimate coming in at $196.70 million and the lowest estimate coming in at $194.66 million. Valley National Bancorp posted sales of $179.00 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 9.3%. The firm is expected to announce its next earnings report before the market opens on Wednesday, October 25th.
According to Zacks, analysts expect that Valley National Bancorp will report full year sales of $195.68 million for the current fiscal year, with estimates ranging from $775.00 million to $784.63 million. For the next fiscal year, analysts expect that the business will post sales of $903.43 million per share, with estimates ranging from $812.56 million to $963.02 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The firm had revenue of $195.79 million during the quarter, compared to analyst estimates of $190.83 million. During the same period in the previous year, the company earned $0.15 EPS.
A number of research firms have recently issued reports on VLY. Zacks Investment Research raised Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Wednesday, September 27th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Valley National Bancorp in a research report on Friday, September 29th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. BidaskClub raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $13.00 price objective (up from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Valley National Bancorp has an average rating of “Hold” and an average price target of $12.67.
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In other news, Director Mary Guilfoile sold 39,495 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $11.91, for a total value of $470,385.45. Following the completion of the sale, the director now directly owns 258,719 shares of the company’s stock, valued at $3,081,343.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.07% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Valley National Bancorp by 9,915.0% during the 1st quarter. BlackRock Inc. now owns 31,310,183 shares of the financial services provider’s stock worth $369,461,000 after purchasing an additional 30,997,551 shares during the last quarter. American Century Companies Inc. lifted its holdings in Valley National Bancorp by 52.0% during the 2nd quarter. American Century Companies Inc. now owns 6,504,366 shares of the financial services provider’s stock worth $76,817,000 after purchasing an additional 2,224,024 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Valley National Bancorp by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 21,432,081 shares of the financial services provider’s stock worth $252,898,000 after purchasing an additional 1,630,803 shares during the last quarter. State Street Corp lifted its holdings in Valley National Bancorp by 12.2% during the 1st quarter. State Street Corp now owns 14,739,234 shares of the financial services provider’s stock worth $173,924,000 after purchasing an additional 1,598,627 shares during the last quarter. Finally, Teachers Advisors LLC lifted its holdings in Valley National Bancorp by 341.0% during the 1st quarter. Teachers Advisors LLC now owns 1,940,103 shares of the financial services provider’s stock worth $22,893,000 after purchasing an additional 1,500,161 shares during the last quarter. 61.89% of the stock is owned by institutional investors.
Shares of Valley National Bancorp (VLY) traded up 0.76% on Wednesday, hitting $11.86. The stock had a trading volume of 1,077,886 shares. The company has a market cap of $3.13 billion, a PE ratio of 16.94 and a beta of 0.91. Valley National Bancorp has a 52 week low of $9.49 and a 52 week high of $12.82. The stock’s 50-day moving average price is $11.45 and its 200 day moving average price is $11.64.
The firm also recently disclosed a dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a $0.11 dividend. The ex-dividend date of this dividend was Thursday, September 14th. Valley National Bancorp’s payout ratio is 62.86%.
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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