Valley National Bancorp to Post FY2020 Earnings of $1.09 Per Share, Wedbush Forecasts (VLY)

Valley National Bancorp (NYSE:VLY) – Wedbush lowered their FY2020 earnings per share (EPS) estimates for shares of Valley National Bancorp in a research report issued on Wednesday, March 27th, according to Zacks Investment Research. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.09 for the year, down from their previous forecast of $1.10.

Valley National Bancorp (NYSE:VLY) last announced its earnings results on Thursday, January 31st. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). The business had revenue of $256.75 million during the quarter, compared to analysts’ expectations of $253.53 million.

A number of other equities research analysts have also recently commented on the company. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. TheStreet upgraded Valley National Bancorp from a “c+” rating to a “b-” rating in a report on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.95.

NYSE:VLY traded down $0.17 during trading hours on Friday, reaching $10.26. 1,765,115 shares of the company traded hands, compared to its average volume of 2,137,083. Valley National Bancorp has a 1-year low of $8.42 and a 1-year high of $13.37.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Valley National Bancorp by 3.4% in the fourth quarter. BlackRock Inc. now owns 44,400,658 shares of the financial services provider’s stock valued at $394,278,000 after purchasing an additional 1,465,653 shares during the period. Vanguard Group Inc. raised its position in Valley National Bancorp by 5.1% in the third quarter. Vanguard Group Inc. now owns 29,544,729 shares of the financial services provider’s stock valued at $332,378,000 after purchasing an additional 1,432,502 shares during the period. Vanguard Group Inc raised its position in Valley National Bancorp by 5.1% in the third quarter. Vanguard Group Inc now owns 29,544,729 shares of the financial services provider’s stock valued at $332,378,000 after purchasing an additional 1,432,502 shares during the period. Dimensional Fund Advisors LP raised its position in Valley National Bancorp by 11.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,333,186 shares of the financial services provider’s stock valued at $127,279,000 after purchasing an additional 1,515,954 shares during the period. Finally, Macquarie Group Ltd. raised its position in Valley National Bancorp by 9.0% in the fourth quarter. Macquarie Group Ltd. now owns 10,605,241 shares of the financial services provider’s stock valued at $94,175,000 after purchasing an additional 873,561 shares during the period. 55.94% of the stock is currently owned by institutional investors.

In related news, Director Gerald Korde sold 3,100 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $10.19, for a total value of $31,589.00. Following the transaction, the director now directly owns 659,111 shares of the company’s stock, valued at approximately $6,716,341.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.45% of the company’s stock.

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.29%. The ex-dividend date was Thursday, March 14th.

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.

Further Reading: Growth and Income Funds

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Earnings History and Estimates for Valley National Bancorp (NYSE:VLY)

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