Brokerages Expect Valley National Bancorp (VLY) to Announce $0.23 Earnings Per Share

Wall Street brokerages expect that Valley National Bancorp (NYSE:VLY) will announce earnings per share of $0.23 for the current quarter, Zacks reports. Three analysts have issued 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 posted earnings per share of $0.22 during the same quarter last year, which indicates a positive year-over-year growth rate of 4.5%. The company is expected to announce its next quarterly earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Valley National Bancorp will report full-year earnings of $0.94 per share for the current year, with EPS estimates ranging from $0.93 to $0.95. For the next fiscal year, analysts anticipate that the company will post earnings of $1.03 per share, with EPS estimates ranging from $1.01 to $1.05. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Valley National Bancorp.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $326.32 million for the quarter, compared to analysts’ expectations of $253.23 million. During the same quarter in the previous year, the business earned $0.18 earnings per share.

Separately, Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 20th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $12.95.

NYSE:VLY traded up $0.09 on Friday, hitting $10.47. 1,333,242 shares of the company’s stock were exchanged, compared to its average volume of 2,060,582. Valley National Bancorp has a 52 week low of $8.42 and a 52 week high of $13.37.

In other news, Director Gerald Korde sold 3,100 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $10.19, for a total value of $31,589.00. Following the sale, 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 legal filing 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 company. Principal Financial Group Inc. boosted its position in shares of Valley National Bancorp by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,469,111 shares of the financial services provider’s stock worth $14,074,000 after acquiring an additional 14,957 shares in the last quarter. NumerixS Investment Technologies Inc lifted its stake in Valley National Bancorp by 242.4% in the 1st quarter. NumerixS Investment Technologies Inc now owns 20,200 shares of the financial services provider’s stock valued at $196,000 after purchasing an additional 14,300 shares during the last quarter. Swiss National Bank lifted its stake in Valley National Bancorp by 3.1% in the 1st quarter. Swiss National Bank now owns 573,900 shares of the financial services provider’s stock valued at $5,492,000 after purchasing an additional 17,100 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Valley National Bancorp by 9.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,669,169 shares of the financial services provider’s stock valued at $150,113,000 after purchasing an additional 1,335,983 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in Valley National Bancorp in the 1st quarter valued at approximately $514,000. 55.94% of the stock is currently owned by institutional investors.

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

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