FY2019 EPS Estimates for Valley National Bancorp Increased by Analyst (VLY)

Valley National Bancorp (NYSE:VLY) – Equities research analysts at Wedbush lifted their FY2019 EPS estimates for Valley National Bancorp in a research note issued to investors on Thursday. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $0.88 per share for the year, up from their prior estimate of $0.80.

Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The company had revenue of $193.00 million during the quarter, compared to analyst estimates of $195.03 million. During the same period in the previous year, the company earned $0.16 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year.

A number of other equities research analysts also recently weighed in on VLY. Zacks Investment Research raised shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Wednesday, September 27th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $13.00 price target on shares of Valley National Bancorp in a report on Friday, September 29th. Royal Bank of Canada initiated coverage on shares of Valley National Bancorp in a report on Thursday, December 21st. They issued an “outperform” rating and a $14.00 price target for the company. Finally, Piper Jaffray Companies raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 price target for the company in a report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Valley National Bancorp currently has a consensus rating of “Hold” and an average target price of $13.21.

Shares of Valley National Bancorp (VLY) opened at $11.54 on Friday. Valley National Bancorp has a 1-year low of $10.61 and a 1-year high of $12.82. 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 firm has a market cap of $2,995.31, a PE ratio of 15.96 and a beta of 0.89.

Hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Valley National Bancorp by 9.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,128 shares of the financial services provider’s stock worth $108,000 after buying an additional 817 shares during the period. Advisor Group Inc. raised its holdings in Valley National Bancorp by 26.2% during the 2nd quarter. Advisor Group Inc. now owns 9,795 shares of the financial services provider’s stock worth $115,000 after buying an additional 2,031 shares during the period. Ffcm LLC raised its holdings in Valley National Bancorp by 222.4% during the 2nd quarter. Ffcm LLC now owns 10,262 shares of the financial services provider’s stock worth $124,000 after buying an additional 7,079 shares during the period. CIBC Asset Management Inc acquired a new stake in Valley National Bancorp during the 3rd quarter worth about $126,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Valley National Bancorp during the 3rd quarter worth about $272,000. 63.83% of the stock is owned by institutional investors.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Friday, December 22nd were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date was Thursday, December 21st. Valley National Bancorp’s payout ratio is 64.71%.

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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.

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