Analysts Expect Valley National Bancorp (VLY) Will Announce Quarterly Sales of $194.49 Million
Brokerages forecast that Valley National Bancorp (NYSE:VLY) will announce $194.49 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Valley National Bancorp’s earnings, with estimates ranging from $193.90 million to $195.08 million. Valley National Bancorp posted sales of $197.06 million in the same quarter last year, which would indicate a negative year over year growth rate of 1.3%. The business is scheduled to announce its next quarterly earnings results before the market opens on Thursday, January 25th.
On average, analysts expect that Valley National Bancorp will report full-year sales of $194.49 million for the current fiscal year, with estimates ranging from $766.00 million to $775.77 million. For the next financial year, analysts forecast that the firm will post sales of $955.30 million per share, with estimates ranging from $937.86 million to $967.05 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last posted its earnings results on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $193.00 million for the quarter, compared to analysts’ expectations of $195.03 million. Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS.
Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods restated a “buy” rating and set a $13.00 target price 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 target price on the stock in a research report on Wednesday, September 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $12.67.
Shares of Valley National Bancorp (NYSE VLY) opened at $11.66 on Wednesday. The stock has a market capitalization of $3,061.41, a price-to-earnings ratio of 16.31 and a beta of 0.89. Valley National Bancorp has a 12-month low of $10.61 and a 12-month high of $12.82. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Friday, December 22nd will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.77%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 64.71%.
Several hedge funds have recently modified their holdings of VLY. American Century Companies Inc. raised its position in shares of Valley National Bancorp by 52.0% in the second quarter. American Century Companies Inc. now owns 6,504,366 shares of the financial services provider’s stock worth $76,817,000 after buying an additional 2,224,024 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Valley National Bancorp by 185.6% in the third quarter. Principal Financial Group Inc. now owns 3,230,525 shares of the financial services provider’s stock worth $38,928,000 after buying an additional 2,099,452 shares in the last quarter. Peregrine Capital Management LLC purchased a new stake in shares of Valley National Bancorp in the third quarter worth $9,222,000. Northern Trust Corp raised its position in shares of Valley National Bancorp by 15.0% in the second quarter. Northern Trust Corp now owns 5,870,281 shares of the financial services provider’s stock worth $69,327,000 after buying an additional 764,098 shares in the last quarter. Finally, FMR LLC raised its position in shares of Valley National Bancorp by 40.6% in the second quarter. FMR LLC now owns 2,122,100 shares of the financial services provider’s stock worth $25,062,000 after buying an additional 612,334 shares in the last quarter. Institutional investors own 63.90% of the company’s stock.
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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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