Wedbush Weighs in on Valley National Bancorp’s Q2 2018 Earnings (VLY)
Valley National Bancorp (NYSE:VLY) – Equities research analysts at Wedbush dropped their Q2 2018 EPS estimates for shares of Valley National Bancorp in a report issued on Monday. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $0.18 for the quarter, down from their prior forecast of $0.19. Wedbush also issued estimates for Valley National Bancorp’s Q4 2018 earnings at $0.19 EPS and FY2018 earnings at $0.73 EPS.
Several other research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Keefe, Bruyette & Woods restated a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a report on Friday, September 29th. BidaskClub downgraded shares of Valley National Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $13.00 price objective (up previously from $12.00) on shares of Valley National Bancorp in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Valley National Bancorp currently has an average rating of “Hold” and a consensus price target of $12.67.
Valley National Bancorp (NYSE:VLY) last issued its earnings results 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). The company had revenue of $193.00 million for the quarter, compared to the consensus estimate of $195.03 million. Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Friday, December 22nd will be issued a $0.11 dividend. The ex-dividend date is Thursday, December 21st. This represents a $0.44 annualized dividend and a dividend yield of 3.69%. Valley National Bancorp’s dividend payout ratio is currently 64.71%.
Several hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in shares of Valley National Bancorp in the third quarter valued at about $448,000. California Public Employees Retirement System grew its position in Valley National Bancorp by 1.3% during the third quarter. California Public Employees Retirement System now owns 628,418 shares of the financial services provider’s stock valued at $7,572,000 after buying an additional 7,879 shares during the period. Cubist Systematic Strategies LLC bought a new position in Valley National Bancorp during the third quarter valued at about $253,000. First Republic Investment Management Inc. grew its position in Valley National Bancorp by 87.3% during the third quarter. First Republic Investment Management Inc. now owns 28,213 shares of the financial services provider’s stock valued at $340,000 after buying an additional 13,149 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Valley National Bancorp by 113.0% during the third quarter. Allianz Asset Management GmbH now owns 101,408 shares of the financial services provider’s stock valued at $1,222,000 after buying an additional 53,796 shares during the period. Institutional investors own 63.90% of the company’s stock.
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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