Valley National Bancorp (NYSE:VLY) – Equities research analysts at Wedbush raised their FY2017 earnings per share estimates for shares of Valley National Bancorp in a research note issued to investors on Monday, according to Zacks Investment Research. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.68 for the year, up from their prior estimate of $0.65. Wedbush also issued estimates for Valley National Bancorp’s Q1 2018 earnings at $0.17 EPS and FY2019 earnings at $0.80 EPS.
A number of other analysts have also commented on the company. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods restated a “buy” rating and issued a $15.00 price target on shares of Valley National Bancorp in a report on Friday, December 22nd. Finally, Royal Bank of Canada assumed coverage on Valley National Bancorp in a report on Thursday, December 21st. They issued an “outperform” rating and a $14.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $13.14.
Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $193.00 million during the quarter, compared to the consensus estimate of $195.03 million. Valley National Bancorp had a net margin of 19.91% and a return on equity of 8.27%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Friday, December 22nd will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend is Thursday, December 21st. Valley National Bancorp’s dividend payout ratio is currently 64.71%.
Several large investors have recently added to or reduced their stakes in VLY. American Century Companies Inc. increased its position in shares of Valley National Bancorp by 52.0% in the second quarter. American Century Companies Inc. now owns 6,504,366 shares of the financial services provider’s stock valued at $76,817,000 after acquiring an additional 2,224,024 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Valley National Bancorp by 185.6% in the third quarter. Principal Financial Group Inc. now owns 3,230,525 shares of the financial services provider’s stock valued at $38,928,000 after acquiring an additional 2,099,452 shares during the last quarter. Peregrine Capital Management LLC acquired a new stake in shares of Valley National Bancorp in the third quarter valued at about $9,222,000. Northern Trust Corp increased its position in shares of Valley National Bancorp by 15.0% in the second quarter. Northern Trust Corp now owns 5,870,281 shares of the financial services provider’s stock valued at $69,327,000 after acquiring an additional 764,098 shares during the last quarter. Finally, FMR LLC increased its position in shares of Valley National Bancorp by 40.6% in the second quarter. FMR LLC now owns 2,122,100 shares of the financial services provider’s stock valued at $25,062,000 after acquiring an additional 612,334 shares during the last quarter. 63.83% of the stock is currently owned by institutional investors and hedge funds.
Valley National Bancorp Company Profile
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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