Valley National Bancorp (NASDAQ:VLY – Get a rating) is expected to release its quarterly earnings data before the market opens on Thursday, October 27. Analysts expect the company to report earnings of $0.34 per share for the quarter. Those interested in registering for the company’s earnings conference call can do so using this link.
Valley National Bancorp (NASDAQ:VLY – Get a rating) last announced its quarterly results on Thursday, July 28. The company reported EPS of $0.32 for the quarter, beating the consensus estimate of $0.29 by $0.03. The company posted revenue of $476.69 million for the quarter, versus analyst estimates of $451.49 million. Valley National Bancorp had a return on equity of 10.37% and a net margin of 27.48%. On average, analysts expect Valley National Bancorp to post EPS of $1 for the current fiscal year and EPS of $1 for the next fiscal year.
Valley National Bancorp Price Performance
VLY stock opened at $11.57 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt ratio of 0.24. The company has a market capitalization of $5.86 billion, a PE ratio of 11.46 and a beta of 1.11. Valley National Bancorp has a 12 month low of $10.01 and a 12 month high of $15.10. The company’s fifty-day moving average price is $11.76 and its 200-day moving average price is $11.24.
Valley National Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3. Investors of record on Thursday, September 15 received a dividend of $0.11. The ex-dividend date was Wednesday, September 14. This represents an annualized dividend of $0.44 and a dividend yield of 3.80%. Valley National Bancorp’s dividend payout ratio is currently 43.56%.
Analyst upgrades and downgrades
VLY has been the subject of several recent research reports. Piper Sandler cut her price target on Valley National Bancorp to $14.00 in a Wednesday, October 5 report. Janney Montgomery Scott threw a blanket on Valley National Bancorp in a report on Thursday, August 4. They set a “buy” rating on the stock.
Institutional entries and exits
Hedge funds have recently changed their positions in the business. PDT Partners LLC bought a new stock position in Valley National Bancorp in Q1 worth approximately $420,000. Graham Capital Management LP increased its position in shares of Valley National Bancorp by 169.1% in the first quarter. Graham Capital Management LP now owns 29,815 shares of the company valued at $388,000 after purchasing an additional 18,735 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Valley National Bancorp by 47.3% in the second quarter. Envestnet Asset Management Inc. now owns 31,203 shares of the company valued at $325,000 after purchasing an additional 10,015 shares during the period. Mackenzie Financial Corp increased its position in shares of Valley National Bancorp by 10.9% in the first quarter. Mackenzie Financial Corp now owns 22,536 shares of the company valued at $293,000 after purchasing an additional 2,220 shares during the period. Finally, First Republic Investment Management Inc. increased its position in shares of Valley National Bancorp by 41.5% in the 1st quarter. First Republic Investment Management Inc. now owns 18,218 shares of the company valued at $237,000 after purchasing an additional 5,340 shares during the period. Hedge funds and other institutional investors own 68.99% of the company’s shares.
Company Profile Valley National Bancorp
Valley National Bancorp operates as a holding company for Valley National Bank which provides various commercial, retail, insurance and wealth management financial services products. It operates through commercial lending, consumer lending and investment management segments. The company offers interest-free, savings, NOW, money market and term deposit accounts; commercial and industrial, commercial real estate, residential mortgages and automobile loans; loans secured by the cash value of life insurance; home equity loans and lines of credit; and other secured and unsecured consumer loans.
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