Wall Street brokerages expect Valley National Bancorp (NYSE:VLY) to post $0.23 earnings per share (EPS) for the current quarter, Zacks reports. Three analysts have issued estimates for Valley National Bancorp’s earnings, with the lowest EPS estimate coming in at $0.22 and the highest estimate coming in at $0.24. Valley National Bancorp posted earnings per share of $0.17 in the same quarter last year, which would indicate a positive year over year growth rate of 35.3%. The business is expected to issue its next earnings results before the market opens on Thursday, October 25th.
According to Zacks, analysts expect that Valley National Bancorp will report full year earnings of $0.87 per share for the current fiscal year, with EPS estimates ranging from $0.82 to $0.89. For the next financial year, analysts forecast that the business will report earnings of $1.03 per share, with EPS estimates ranging from $0.99 to $1.10. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that cover Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.22. Valley National Bancorp had a return on equity of 8.56% and a net margin of 16.35%. The company had revenue of $248.82 million during the quarter, compared to analysts’ expectations of $245.72 million. During the same quarter in the previous year, the business earned $0.18 EPS.
A number of research firms recently issued reports on VLY. 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. Sandler O’Neill restated a “buy” rating and set a $14.00 price objective on shares of Valley National Bancorp in a report on Friday, July 27th. ValuEngine upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. 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. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $13.97.
In other news, EVP Ronald H. Janis bought 10,000 shares of the stock in a transaction on Tuesday, July 31st. The stock was acquired 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 of the company’s stock, valued at $440,899.92. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.45% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Oakbrook Investments LLC purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $123,000. IMS Capital Management purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $136,000. Oliver Luxxe Assets LLC purchased a new stake in shares of Valley National Bancorp in the 3rd quarter worth $138,000. Natixis purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $140,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Valley National Bancorp in the 2nd quarter worth $155,000. Institutional investors and hedge funds own 55.94% of the company’s stock.
VLY traded down $0.27 during trading hours on Monday, reaching $10.11. 2,236,420 shares of the company’s stock traded hands, compared to its average volume of 2,319,182. Valley National Bancorp has a 52-week low of $10.09 and a 52-week high of $13.38. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.70. The stock has a market cap of $3.73 billion, a P/E ratio of 14.65 and a beta of 0.88.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 2nd. Shareholders of record on Friday, September 14th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Thursday, September 13th. Valley National Bancorp’s dividend payout ratio is 63.77%.
About Valley National Bancorp
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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