Wall Street brokerages predict that Valley National Bancorp (NYSE:VLY) will post $237.89 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Valley National Bancorp’s earnings, with estimates ranging from $235.00 million to $240.78 million. Valley National Bancorp reported sales of $187.59 million in the same quarter last year, which indicates a positive year over year growth rate of 26.8%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, April 25th.
On average, analysts expect that Valley National Bancorp will report full-year sales of $237.89 million for the current year, with estimates ranging from $977.00 million to $991.62 million. For the next year, analysts anticipate that the firm will report sales of $1.05 billion per share, with estimates ranging from $1.04 billion to $1.05 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The business had revenue of $199.57 million for the quarter, compared to analyst estimates of $194.26 million. Valley National Bancorp had a return on equity of 8.20% and a net margin of 17.08%. The business’s revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS.
Several research firms recently issued reports on VLY. Piper Jaffray Companies raised Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 price target on the stock in a research report on Friday, January 5th. Zacks Investment Research raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 27th. Royal Bank of Canada began coverage on Valley National Bancorp in a research report on Thursday, December 21st. They set an “outperform” rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods reissued a “buy” rating and set a $15.00 price target on shares of Valley National Bancorp in a research report on Friday, December 22nd. Finally, Hovde Group reissued a “buy” rating and set a $14.00 price target on shares of Valley National Bancorp in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $13.64.
In related news, Director Peter J. Baum acquired 3,433 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was purchased at an average cost of $12.70 per share, for a total transaction of $43,599.10. Following the purchase, the director now directly owns 41,086 shares in the company, valued at $521,792.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.07% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. grew its stake in Valley National Bancorp by 26.2% during the 2nd quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock worth $115,000 after buying an additional 2,031 shares during the last quarter. CIBC Asset Management Inc bought a new position in shares of Valley National Bancorp in the third quarter worth $126,000. Csenge Advisory Group bought a new position in shares of Valley National Bancorp in the third quarter worth $145,000. Eqis Capital Management Inc. bought a new position in shares of Valley National Bancorp in the third quarter worth $151,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Valley National Bancorp by 58.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 14,749 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 5,429 shares in the last quarter. Hedge funds and other institutional investors own 63.83% of the company’s stock.
Valley National Bancorp (VLY) traded down $0.13 during mid-day trading on Monday, hitting $12.74. The company had a trading volume of 1,178,438 shares, compared to its average volume of 2,409,023. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $4,230.00, a price-to-earnings ratio of 19.45 and a beta of 0.96. Valley National Bancorp has a twelve month low of $10.61 and a twelve month high of $13.00.
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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.
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