Analysts Expect Valley National Bancorp (NYSE:VLY) Will Announce Quarterly Sales of $306.74 Million

Wall Street analysts forecast that Valley National Bancorp (NYSE:VLY) will post sales of $306.74 million for the current quarter, Zacks reports. Three analysts have made estimates for Valley National Bancorp’s earnings, with the lowest sales estimate coming in at $295.40 million and the highest estimate coming in at $314.82 million. Valley National Bancorp reported sales of $247.84 million in the same quarter last year, which would suggest a positive year over year growth rate of 23.8%. The firm is expected to issue its next earnings report before the market opens on Thursday, July 23rd.

On average, analysts expect that Valley National Bancorp will report full-year sales of $1.26 billion for the current year, with estimates ranging from $1.24 billion to $1.28 billion. For the next financial year, analysts forecast that the firm will report sales of $1.25 billion, with estimates ranging from $1.20 billion to $1.26 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Valley National Bancorp.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business had revenue of $306.74 million during the quarter, compared to the consensus estimate of $286.94 million. During the same quarter in the previous year, the firm posted $0.22 EPS.

VLY has been the subject of several research analyst reports. Citigroup downgraded Valley National Bancorp from a “neutral” rating to a “sell” rating and set a $7.00 price objective for the company. in a research report on Wednesday, June 17th. Royal Bank of Canada boosted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Morgan Stanley boosted their target price on Valley National Bancorp from $9.75 to $10.50 and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Finally, Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “strong-buy” rating and set a $11.00 target price for the company in a research report on Thursday, June 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $10.10.

VLY traded down $0.10 during trading on Friday, hitting $7.34. The company’s stock had a trading volume of 2,860,084 shares, compared to its average volume of 2,535,383. The firm’s 50 day moving average price is $7.86 and its two-hundred day moving average price is $9.00. Valley National Bancorp has a 12 month low of $6.00 and a 12 month high of $12.14.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were given a dividend of $0.11 per share. The ex-dividend date was Friday, June 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.99%.

In related news, EVP Joseph Chillura sold 45,972 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $9.34, for a total value of $429,378.48. Following the completion of the sale, the executive vice president now owns 691,256 shares in the company, valued at $6,456,331.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin J. Lynch acquired 6,350 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average price of $9.47 per share, with a total value of $60,134.50. The disclosure for this purchase can be found here. Corporate insiders own 3.45% of the company’s stock.

A number of large investors have recently bought and sold shares of VLY. Amundi Pioneer Asset Management Inc. acquired a new position in Valley National Bancorp in the first quarter valued at about $264,000. Victory Capital Management Inc. grew its stake in Valley National Bancorp by 23.9% in the fourth quarter. Victory Capital Management Inc. now owns 64,393 shares of the financial services provider’s stock valued at $678,000 after acquiring an additional 12,423 shares during the period. Comerica Bank boosted its position in shares of Valley National Bancorp by 19.3% during the fourth quarter. Comerica Bank now owns 225,250 shares of the financial services provider’s stock worth $2,412,000 after buying an additional 36,422 shares during the period. Securian Asset Management Inc boosted its position in shares of Valley National Bancorp by 8.0% during the fourth quarter. Securian Asset Management Inc now owns 40,211 shares of the financial services provider’s stock worth $460,000 after buying an additional 2,970 shares during the period. Finally, Quantbot Technologies LP acquired a new position in shares of Valley National Bancorp during the fourth quarter worth about $32,000. 55.94% of the stock is owned by hedge funds and other institutional investors.

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.

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

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