Wall Street brokerages expect Valley National Bancorp (NYSE:VLY) to announce sales of $252.54 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Valley National Bancorp’s earnings. The highest sales estimate is $253.31 million and the lowest is $252.00 million. Valley National Bancorp posted sales of $190.94 million during the same quarter last year, which suggests a positive year over year growth rate of 32.3%. The company is scheduled to issue its next quarterly earnings results on Wednesday, October 24th.
On average, analysts expect that Valley National Bancorp will report full-year sales of $995.28 million for the current financial year, with estimates ranging from $990.72 million to $1.00 billion. For the next fiscal year, analysts forecast that the business will report sales of $1.04 billion, with estimates ranging from $1.04 billion to $1.05 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Valley National Bancorp.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.22 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.22. The company had revenue of $248.82 million during the quarter, compared to the consensus estimate of $245.72 million. Valley National Bancorp had a return on equity of 8.56% and a net margin of 16.35%. During the same period last year, the business posted $0.18 earnings per share.
In other news, EVP Ronald H. Janis acquired 10,000 shares of Valley National Bancorp stock in a transaction on Tuesday, July 31st. The stock was acquired at an average cost of $11.64 per share, with a total value of $116,400.00. Following the completion of the acquisition, the executive vice president now owns 37,878 shares in the company, valued at $440,899.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.45% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Valley National Bancorp by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 6,004,155 shares of the financial services provider’s stock valued at $73,010,000 after purchasing an additional 191,335 shares during the period. Federated Investors Inc. PA grew its holdings in Valley National Bancorp by 15.4% during the second quarter. Federated Investors Inc. PA now owns 407,032 shares of the financial services provider’s stock valued at $4,949,000 after purchasing an additional 54,338 shares during the period. Oregon Public Employees Retirement Fund bought a new position in shares of Valley National Bancorp in the second quarter worth $1,256,000. Amalgamated Bank boosted its holdings in shares of Valley National Bancorp by 26.8% in the second quarter. Amalgamated Bank now owns 46,624 shares of the financial services provider’s stock worth $567,000 after acquiring an additional 9,847 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in shares of Valley National Bancorp by 15.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 173,298 shares of the financial services provider’s stock worth $2,107,000 after acquiring an additional 23,602 shares during the period. 55.94% of the stock is owned by institutional investors and hedge funds.
Shares of VLY traded down $0.15 on Monday, reaching $11.30. 1,541,959 shares of the company’s stock traded hands, compared to its average volume of 2,325,713. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 16.38 and a beta of 0.88. Valley National Bancorp has a 52-week low of $10.84 and a 52-week high of $13.38.
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. This represents a $0.44 annualized dividend and a yield of 3.89%. The ex-dividend date was Thursday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is 63.77%.
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.
Featured Article: Return on Equity (ROE)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Valley National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Valley National Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.