Q1 2020 EPS Estimates for Valley National Bancorp (NYSE:VLY) Reduced by Analyst

Valley National Bancorp (NYSE:VLY) – Research analysts at Piper Sandler cut their Q1 2020 EPS estimates for Valley National Bancorp in a research note issued on Monday, March 23rd. Piper Sandler analyst F. Schiraldi now anticipates that the financial services provider will post earnings of $0.19 per share for the quarter, down from their previous forecast of $0.22. Piper Sandler also issued estimates for Valley National Bancorp’s Q2 2020 earnings at $0.21 EPS, Q3 2020 earnings at $0.20 EPS, Q4 2020 earnings at $0.20 EPS, FY2020 earnings at $0.80 EPS, Q1 2021 earnings at $0.19 EPS, Q2 2021 earnings at $0.20 EPS, Q3 2021 earnings at $0.22 EPS, Q4 2021 earnings at $0.22 EPS and FY2021 earnings at $0.82 EPS.

Valley National Bancorp (NYSE:VLY) last announced its earnings results on Thursday, January 30th. The financial services provider reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $276.64 million for the quarter, compared to analyst estimates of $266.00 million. During the same quarter last year, the company posted $0.22 EPS.

A number of other analysts have also recently commented on the company. Stephens upgraded Valley National Bancorp from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $12.50 to $12.00 in a research report on Tuesday, February 4th. Morgan Stanley reduced their target price on shares of Valley National Bancorp from $10.50 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 17th. Citigroup lowered their price target on shares of Valley National Bancorp from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, Zacks Investment Research reiterated a “sell” rating on shares of Valley National Bancorp in a report on Saturday, January 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $10.50.

VLY opened at $7.45 on Thursday. Valley National Bancorp has a 52 week low of $6.00 and a 52 week high of $12.14. The business’s fifty day simple moving average is $9.24 and its 200 day simple moving average is $10.81.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.11 dividend. The ex-dividend date is Thursday, March 12th. This represents a $0.44 annualized dividend and a yield of 5.91%.

In other Valley National Bancorp news, Director Peter V. Maio bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was purchased at an average cost of $10.96 per share, for a total transaction of $219,200.00. Also, Director Jennifer W. Steans bought 55,000 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $7.50 per share, with a total value of $412,500.00. Following the completion of the purchase, the director now directly owns 55,000 shares of the company’s stock, valued at approximately $412,500. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 82,000 shares of company stock worth $680,560. Corporate insiders own 3.45% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC increased its stake in Valley National Bancorp by 15.5% during the fourth quarter. Prestige Wealth Management Group LLC now owns 7,432 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 1,000 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in Valley National Bancorp during the fourth quarter worth about $2,891,000. Piedmont Investment Advisors Inc. increased its stake in Valley National Bancorp by 3.0% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 36,028 shares of the financial services provider’s stock worth $413,000 after acquiring an additional 1,047 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Valley National Bancorp by 2.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 62,226 shares of the financial services provider’s stock worth $712,000 after acquiring an additional 1,272 shares during the last quarter. Finally, Raab & Moskowitz Asset Management LLC acquired a new stake in Valley National Bancorp during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 55.94% of the company’s stock.

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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