Q3 2018 EPS Estimates for Valley National Bancorp (VLY) Reduced by Wedbush
Valley National Bancorp (NYSE:VLY) – Stock analysts at Wedbush decreased their Q3 2018 EPS estimates for shares of Valley National Bancorp in a research report issued to clients and investors on Wednesday. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $0.19 per share for the quarter, down from their previous forecast of $0.21.
A number of other analysts have also recently issued reports on VLY. Piper Jaffray Companies restated a “neutral” rating and set a $13.00 price objective (up from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. BidaskClub cut Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Keefe, Bruyette & Woods restated a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a research report on Friday, September 29th. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Wednesday, September 27th. Finally, Morgan Stanley restated an “equal weight” rating and set a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $12.67.
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Valley National Bancorp (NYSE VLY) opened at 11.74 on Monday. The company’s 50-day moving average price is $11.63 and its 200 day moving average price is $11.65. The company has a market capitalization of $3.10 billion, a PE ratio of 16.77 and a beta of 0.91. Valley National Bancorp has a 52 week low of $9.59 and a 52 week high of $12.82.
Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The firm had revenue of $193.00 million for the quarter, compared to the consensus estimate of $195.03 million. During the same quarter last year, the business earned $0.16 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year.
Hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Valley National Bancorp by 9.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock valued at $108,000 after buying an additional 817 shares in the last quarter. Advisor Group Inc. boosted its stake in Valley National Bancorp by 26.2% in the 2nd quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock valued at $115,000 after buying an additional 2,031 shares in the last quarter. MCF Advisors LLC acquired a new stake in Valley National Bancorp in the 2nd quarter valued at $118,000. HRT Financial LLC acquired a new stake in Valley National Bancorp in the 2nd quarter valued at $120,000. Finally, Ffcm LLC boosted its stake in Valley National Bancorp by 222.4% in the 2nd quarter. Ffcm LLC now owns 10,262 shares of the financial services provider’s stock valued at $124,000 after buying an additional 7,079 shares in the last quarter. 62.33% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Mary Guilfoile sold 39,495 shares of the business’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 transaction of $470,385.45. Following the sale, the director now directly owns 258,719 shares in the company, valued at $3,081,343.29. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.07% of the company’s stock.
The company also recently disclosed a dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 14th. Valley National Bancorp’s dividend payout ratio is presently 64.71%.
Valley National Bancorp Company Profile
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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