FY2018 EPS Estimates for Valley National Bancorp Cut by Analyst (VLY)

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Valley National Bancorp (NYSE:VLY) – Investment analysts at Piper Jaffray Companies cut their FY2018 earnings per share estimates for Valley National Bancorp in a research note issued on Monday, October 29th. Piper Jaffray Companies analyst M. Breese now anticipates that the financial services provider will earn $0.81 per share for the year, down from their previous estimate of $0.88. Piper Jaffray Companies also issued estimates for Valley National Bancorp’s Q4 2018 earnings at $0.21 EPS, Q1 2019 earnings at $0.23 EPS, Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.25 EPS, Q4 2019 earnings at $0.25 EPS, FY2019 earnings at $0.96 EPS, Q1 2020 earnings at $0.27 EPS, Q2 2020 earnings at $0.28 EPS and Q3 2020 earnings at $0.28 EPS.

Valley National Bancorp (NYSE:VLY) last released its earnings results on Thursday, October 25th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). The company had revenue of $245.84 million during the quarter, compared to analyst estimates of $252.55 million. Valley National Bancorp had a net margin of 16.35% and a return on equity of 8.56%.

Other research analysts have also issued research reports about the company. Sandler O’Neill reissued a “buy” rating and issued a $14.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Royal Bank of Canada reissued a “buy” rating and issued a $13.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Morgan Stanley dropped their target price on Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating on the stock in a report on Tuesday, July 31st. Zacks Investment Research raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, September 13th. Finally, ValuEngine raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $13.97.

NYSE:VLY opened at $10.10 on Tuesday. The company has a market capitalization of $3.73 billion, a PE ratio of 14.38 and a beta of 0.88. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.70. Valley National Bancorp has a 12-month low of $9.32 and a 12-month high of $13.38.

Institutional investors and hedge funds have recently bought and sold shares of the business. Oakbrook Investments LLC purchased a new stake in Valley National Bancorp during the second quarter worth $123,000. IMS Capital Management purchased a new stake in Valley National Bancorp during the second quarter worth $136,000. Natixis purchased a new stake in Valley National Bancorp during the second quarter worth $140,000. Oliver Luxxe Assets LLC purchased a new stake in Valley National Bancorp during the third quarter worth $138,000. Finally, GSA Capital Partners LLP purchased a new stake in Valley National Bancorp during the second quarter worth $155,000. Institutional investors own 55.94% of the company’s stock.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 2nd. Shareholders of record on Friday, September 14th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.36%. Valley National Bancorp’s payout ratio is 63.77%.

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.

See Also: Fiduciary

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

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