Valley National Bancorp (NYSE:VLY) – Research analysts at Wedbush reduced their FY2017 EPS estimates for shares of Valley National Bancorp in a research note issued to investors on Tuesday. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.65 per share for the year, down from their previous estimate of $0.67.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share for the quarter, missing the 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 business 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 posted $0.16 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. ILLEGAL ACTIVITY NOTICE: This piece was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international copyright and trademark law. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/11/02/fy2017-eps-estimates-for-valley-national-bancorp-cut-by-wedbush-vly.html.

VLY has been the subject of several other reports. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Hovde Group upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 target price for the company in a report on Monday, July 31st. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 price target on shares of Valley National Bancorp in a report on Friday, September 29th. BidaskClub cut Valley National Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $11.50 price target (up from $11.00) on shares of Valley National Bancorp in a report on Friday, July 7th. Two research 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 company presently has a consensus rating of “Hold” and an average target price of $12.67.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Friday, September 15th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date was Thursday, September 14th. Valley National Bancorp’s dividend payout ratio is presently 64.71%.

In other news, Director Mary Guilfoile sold 39,495 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 258,719 shares in the company, valued at approximately $3,081,343.29. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.07% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VLY. UBS Asset Management Americas Inc. grew its holdings in shares of Valley National Bancorp by 19.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 178,212 shares of the financial services provider’s stock worth $2,103,000 after purchasing an additional 28,685 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Valley National Bancorp by 1.6% during the 1st quarter. JPMorgan Chase & Co. now owns 129,300 shares of the financial services provider’s stock worth $1,526,000 after purchasing an additional 1,997 shares during the period. Credit Agricole S A grew its holdings in shares of Valley National Bancorp by 212.6% during the 1st quarter. Credit Agricole S A now owns 22,423 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 15,251 shares during the period. OppenheimerFunds Inc. grew its holdings in shares of Valley National Bancorp by 87.6% during the 1st quarter. OppenheimerFunds Inc. now owns 22,475 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 10,492 shares during the period. Finally, Teachers Advisors LLC grew its holdings in shares of 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 period. Institutional investors and hedge funds own 62.33% of the company’s stock.

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.

Earnings History and Estimates for Valley National Bancorp (NYSE:VLY)

Receive News & Ratings for Valley National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Valley National Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.