Analysts forecast that Valley National Bancorp (NYSE:VLY) will post $0.24 earnings per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Valley National Bancorp’s earnings, with the highest EPS estimate coming in at $0.24 and the lowest estimate coming in at $0.23. Valley National Bancorp reported earnings of $0.17 per share during the same quarter last year, which indicates a positive year over year growth rate of 41.2%. The business is expected to announce its next earnings results on Wednesday, October 24th.
According to Zacks, analysts expect that Valley National Bancorp will report full year earnings of $0.85 per share for the current fiscal year, with EPS estimates ranging from $0.78 to $0.89. For the next financial year, analysts expect that the company will report earnings of $1.03 per share, with EPS estimates ranging from $0.99 to $1.10. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that follow Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Thursday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. Valley National Bancorp had a return on equity of 8.56% and a net margin of 16.35%. The firm had revenue of $248.82 million for the quarter, compared to analyst estimates of $245.72 million. During the same quarter in the prior year, the company earned $0.18 EPS.
VLY has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 15th. Royal Bank of Canada restated a “buy” rating and set a $13.00 price objective on shares of Valley National Bancorp in a report on Friday, July 27th. Citigroup initiated coverage on Valley National Bancorp in a report on Monday, June 18th. They set a “neutral” rating and a $14.00 price objective for the company. ValuEngine downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 31st. Finally, Morgan Stanley dropped their price objective on Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Valley National Bancorp has a consensus rating of “Buy” and an average price target of $13.97.
Shares of Valley National Bancorp stock traded up $0.06 during trading hours on Tuesday, reaching $12.12. 1,744,700 shares of the company’s stock were exchanged, compared to its average volume of 2,292,916. The firm has a market cap of $4.01 billion, a PE ratio of 17.57 and a beta of 0.87. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.70. Valley National Bancorp has a 52-week low of $10.82 and a 52-week high of $13.38.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Investors of record on Friday, September 14th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.44 annualized dividend and a yield of 3.63%. Valley National Bancorp’s dividend payout ratio is currently 63.77%.
In related news, EVP Ronald H. Janis purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, July 31st. The stock was purchased at an average cost of $11.64 per share, for a total transaction of $116,400.00. Following the acquisition, the executive vice president now owns 37,878 shares in the company, valued at $440,899.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.45% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. HRT Financial LLC acquired a new stake in Valley National Bancorp in the 2nd quarter valued at $194,000. Bank of New York Mellon Corp grew its stake in shares of Valley National Bancorp by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 6,004,155 shares of the financial services provider’s stock valued at $73,010,000 after acquiring an additional 191,335 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Valley National Bancorp during the second quarter valued at about $433,000. Jane Street Group LLC grew its stake in shares of Valley National Bancorp by 50.7% during the second quarter. Jane Street Group LLC now owns 18,930 shares of the financial services provider’s stock valued at $230,000 after acquiring an additional 6,371 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Valley National Bancorp by 8.3% during the second quarter. California Public Employees Retirement System now owns 716,042 shares of the financial services provider’s stock valued at $8,707,000 after acquiring an additional 54,951 shares in the last quarter. Hedge funds and other institutional investors own 56.30% of the company’s stock.
Valley National Bancorp Company Profile
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.
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