Valley National Bancorp (NYSE:VLY) – Investment analysts at Piper Jaffray Companies cut their Q3 2019 earnings per share (EPS) estimates for Valley National Bancorp in a research note issued on Monday, February 4th. Piper Jaffray Companies analyst M. Breese now expects that the financial services provider will post earnings of $0.24 per share for the quarter, down from their previous forecast of $0.25. Piper Jaffray Companies also issued estimates for Valley National Bancorp’s Q4 2019 earnings at $0.24 EPS, FY2019 earnings at $0.95 EPS, Q1 2020 earnings at $0.25 EPS, Q2 2020 earnings at $0.26 EPS, Q3 2020 earnings at $0.26 EPS, Q4 2020 earnings at $0.26 EPS and FY2020 earnings at $1.04 EPS.
Get Valley National Bancorp alerts:Several other equities research analysts have also recently weighed in on VLY. Zacks Investment Research upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, November 21st. TheStreet downgraded Valley National Bancorp from a “b” rating to a “c+” rating in a research note on Friday, November 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $12.95.
Shares of Valley National Bancorp stock opened at $10.30 on Tuesday. Valley National Bancorp has a 12 month low of $8.42 and a 12 month high of $13.38.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings data on Thursday, January 31st. The financial services provider reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). The company had revenue of $256.75 million during the quarter, compared to analysts’ expectations of $253.53 million.
A number of hedge funds have recently added to or reduced their stakes in VLY. BlackRock Inc. boosted its holdings in shares of Valley National Bancorp by 10.8% in the 3rd quarter. BlackRock Inc. now owns 42,935,005 shares of the financial services provider’s stock worth $483,019,000 after acquiring an additional 4,180,131 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Valley National Bancorp by 66.0% in the 3rd quarter. Macquarie Group Ltd. now owns 9,731,680 shares of the financial services provider’s stock worth $109,481,000 after purchasing an additional 3,869,127 shares during the period. Vanguard Group Inc boosted its stake in Valley National Bancorp by 5.1% in the 3rd quarter. Vanguard Group Inc now owns 29,544,729 shares of the financial services provider’s stock worth $332,378,000 after purchasing an additional 1,432,502 shares during the period. Vanguard Group Inc. boosted its stake in shares of Valley National Bancorp by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 29,544,729 shares of the financial services provider’s stock worth $332,378,000 after buying an additional 1,432,502 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Valley National Bancorp by 801.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,176,103 shares of the financial services provider’s stock worth $132,000 after buying an additional 1,045,693 shares during the last quarter. 55.94% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Michael L. Larusso sold 3,100 shares of Valley National Bancorp stock in a transaction on Friday, December 14th. The stock was sold at an average price of $9.32, for a total transaction of $28,892.00. Following the completion of the sale, the director now owns 18,560 shares of the company’s stock, valued at $172,979.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gerald Korde sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $10.03, for a total value of $30,090.00. Following the transaction, the director now owns 659,111 shares in the company, valued at $6,610,883.33. The disclosure for this sale can be found here. 3.45% of the stock is currently owned by company insiders.
About Valley National Bancorp
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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