Valley National Bancorp (NYSE:VLY) – Equities researchers at Wedbush cut their FY2018 earnings estimates for Valley National Bancorp in a research note issued to investors on Thursday, October 25th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $0.84 per share for the year, down from their prior estimate of $0.87. Wedbush also issued estimates for Valley National Bancorp’s Q4 2018 earnings at $0.22 EPS, Q3 2019 earnings at $0.26 EPS, FY2019 earnings at $1.00 EPS and FY2020 earnings at $1.15 EPS.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.02). The company had revenue of $245.84 million during the quarter, compared to the consensus estimate of $252.55 million. Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%.
Shares of VLY stock opened at $10.16 on Monday. Valley National Bancorp has a 52-week low of $9.32 and a 52-week high of $13.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $3.73 billion, a P/E ratio of 14.72 and a beta of 0.88.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Shareholders of record on Friday, September 14th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.44 annualized dividend and a yield of 4.33%. Valley National Bancorp’s payout ratio is currently 63.77%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VLY. Stifel Financial Corp increased its holdings in Valley National Bancorp by 28.6% during the 1st quarter. Stifel Financial Corp now owns 46,215 shares of the financial services provider’s stock worth $572,000 after purchasing an additional 10,267 shares during the period. LPL Financial LLC increased its holdings in Valley National Bancorp by 68.5% during the 1st quarter. LPL Financial LLC now owns 48,785 shares of the financial services provider’s stock worth $608,000 after purchasing an additional 19,840 shares during the period. Legal & General Group Plc increased its holdings in Valley National Bancorp by 6.4% during the 1st quarter. Legal & General Group Plc now owns 387,601 shares of the financial services provider’s stock worth $4,829,000 after purchasing an additional 23,428 shares during the period. Royal Bank of Canada increased its holdings in Valley National Bancorp by 44.6% during the 1st quarter. Royal Bank of Canada now owns 26,407 shares of the financial services provider’s stock worth $329,000 after purchasing an additional 8,147 shares during the period. Finally, Bank of Montreal Can purchased a new position in Valley National Bancorp during the 2nd quarter worth $228,000. Institutional investors own 55.94% of the company’s stock.
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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