Analysts Expect Valley National Bancorp (VLY) Will Announce Quarterly Sales of $194.49 Million
Analysts forecast that Valley National Bancorp (NYSE:VLY) will post sales of $194.49 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Valley National Bancorp’s earnings. The lowest sales estimate is $193.90 million and the highest is $195.08 million. Valley National Bancorp posted sales of $197.06 million during the same quarter last year, which suggests a negative year-over-year growth rate of 1.3%. The business is scheduled to report its next earnings results on Wednesday, January 24th.
According to Zacks, analysts expect that Valley National Bancorp will report full year sales of $194.49 million for the current year, with estimates ranging from $766.00 million to $775.77 million. For the next year, analysts forecast that the firm will report sales of $942.94 million per share, with estimates ranging from $923.90 million to $967.05 million. Zacks Investment Research’s 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 announced its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $193.00 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 EPS.
VLY has been the subject of several recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $13.00 price objective on shares of Valley National Bancorp in a research note on Friday, September 29th. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Wednesday, September 27th. Piper Jaffray Companies restated a “neutral” rating and set a $13.00 target price (up previously from $12.00) on shares of Valley National Bancorp in a research note on Wednesday, August 9th. Hovde Group upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.50 target price for the company in a research note on Monday, July 31st. Finally, BidaskClub cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $12.67.
A number of hedge funds have recently bought and sold shares of VLY. Private Advisor Group LLC lifted its stake in Valley National Bancorp by 0.6% in the second quarter. Private Advisor Group LLC now owns 15,921 shares of the financial services provider’s stock valued at $188,000 after buying an additional 90 shares during the last quarter. Amalgamated Bank lifted its stake in Valley National Bancorp by 0.3% in the first quarter. Amalgamated Bank now owns 34,972 shares of the financial services provider’s stock valued at $413,000 after buying an additional 103 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Valley National Bancorp by 0.3% in the second quarter. Pinnacle Associates Ltd. now owns 64,914 shares of the financial services provider’s stock valued at $767,000 after buying an additional 225 shares during the last quarter. World Asset Management Inc lifted its stake in Valley National Bancorp by 2.3% in the second quarter. World Asset Management Inc now owns 16,510 shares of the financial services provider’s stock valued at $195,000 after buying an additional 377 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in Valley National Bancorp by 0.5% in the second quarter. Citigroup Inc. now owns 111,892 shares of the financial services provider’s stock valued at $1,321,000 after buying an additional 512 shares during the last quarter. Hedge funds and other institutional investors own 62.33% of the company’s stock.
Valley National Bancorp (NYSE VLY) opened at $11.65 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.98 and a quick ratio of 0.97. The stock has a market capitalization of $3,077.89, a PE ratio of 16.41 and a beta of 0.89. Valley National Bancorp has a 52 week low of $9.61 and a 52 week high of $12.82.
COPYRIGHT VIOLATION NOTICE: This piece of content was posted by Daily Political and is the sole property of of Daily Political. If you are viewing this piece of content on another website, it was copied illegally and reposted in violation of U.S. and international trademark & copyright law. The correct version of this piece of content can be accessed at https://www.dailypolitical.com/2017/11/05/analysts-expect-valley-national-bancorp-vly-will-announce-quarterly-sales-of-194-49-million.html.
About Valley National Bancorp
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.
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.