Equity research analysts expect Valley National Bancorp (NASDAQ:VLY – Get a rating) will bring in $351.95 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts released earnings estimates for Valley National Bancorp. The highest sales estimate is $356.00 million and the lowest is $347.90 million. Valley National Bancorp reported sales of $323.90 million in the same quarter last year, suggesting a positive year-over-year growth rate of 8.7%. The company is expected to announce its next earnings report before the market opens on Monday, January 1.
On average, analysts expect Valley National Bancorp to report annual sales of $1.61 billion for the current fiscal year, with estimates ranging from $1.48 billion to $1.69 billion. For the next fiscal year, analysts expect the company to record sales of $1.83 billion, with estimates ranging from $1.67 billion to $1.94 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that track Valley National Bancorp.
Valley National Bancorp (NASDAQ:VLY – Get a rating) last announced its results on Thursday, January 27. The company reported earnings per share of $0.28 for the quarter, missing Thomson Reuters consensus estimate of $0.29 per ($0.01). Valley National Bancorp had a return on equity of 10.49% and a net margin of 31.82%. The company posted revenue of $353.52 million for the quarter, versus analyst estimates of $341.93 million. During the same period of the previous year, the company made earnings per share of $0.27. The company’s quarterly revenue increased 5.4% compared to the same quarter last year.
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VLY has been the subject of several analyst reports. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a target price of $16.00 on the stock in a research note on Saturday, January 8. Wedbush launched coverage on Valley National Bancorp in a Monday, Jan. 31, report. They set a “hold” rating and a price target of $15.00 for the company. Three analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $15.15.
NASDAQ:VLY shares opened at $12.48 on Thursday. The stock has a market capitalization of $5.26 billion, a P/E ratio of 11.04 and a beta of 1.10. The company has a quick ratio of 0.98, a current ratio of 0.99 and a leverage ratio of 0.30. Valley National Bancorp has a 52-week low of $11.66 and a 52-week high of $15.10. The company has a fifty-day moving average of $13.50 and a two-hundred-day moving average of $13.82.
The company also recently announced a quarterly dividend, which was paid on Friday, April 1. Shareholders of record on Tuesday, March 15 received a dividend of $0.11 per share. The ex-dividend date was Monday, March 14. This represents a dividend of $0.44 on an annualized basis and a dividend yield of 3.53%. Valley National Bancorp’s payout ratio is currently 38.94%.
Major investors have recently been buying and selling shares of the company. CWM LLC purchased a new stake in Valley National Bancorp in the fourth quarter worth approximately $28,000. Norwood Financial Corp acquired a new stake in shares of Valley National Bancorp in Q4 worth $43,000. Covestor Ltd acquired a new stake in shares of Valley National Bancorp in Q4 worth $49,000. Moors & Cabot Inc. increased its holdings of Valley National Bancorp shares by 129.4% during the third quarter. Moors & Cabot Inc. now owns 50,000 shares of the company valued at $51,000 after acquiring an additional 28,200 shares last quarter. Finally, Signaturefd LLC increased its equity stake in Valley National Bancorp by 77.0% during the third quarter. Signaturefd LLC now owns 6,807 shares of the company valued at $91,000 after acquiring 2,962 additional shares in the last quarter. 63.62% of the shares are held by hedge funds and other institutional investors.
About Valley National Bancorp (Get a rating)
Valley National Bancorp operates as a holding company for Valley National Bank which provides various commercial, retail, insurance and wealth management financial services products. It operates through commercial lending, consumer lending and investment management segments. The company offers interest-free, savings, NOW, money market and term deposit accounts; commercial and industrial, commercial real estate, residential mortgages and automobile loans; loans secured by the cash value of life insurance; home equity loans and lines of credit; and other secured and unsecured consumer loans.
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