Piper Sandler Comments on Valley National Bancorp’s Q2 2021 Earnings (NASDAQ:VLY)


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Valley National Bancorp (NASDAQ:VLY) – Piper Sandler cut their Q2 2021 earnings estimates for shares of Valley National Bancorp in a research report issued on Thursday, April 29th. Piper Sandler analyst F. Schiraldi now expects that the company will post earnings per share of $0.27 for the quarter, down from their previous forecast of $0.29. Piper Sandler also issued estimates for Valley National Bancorp’s Q3 2021 earnings at $0.27 EPS, Q4 2021 earnings at $0.27 EPS, Q3 2022 earnings at $0.30 EPS, Q4 2022 earnings at $0.30 EPS and FY2022 earnings at $1.14 EPS.

A number of other equities research analysts also recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Valley National Bancorp from $14.75 to $15.25 and gave the stock an “equal weight” rating in a research note on Tuesday. Zacks Investment Research lowered shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, April 1st. Citigroup increased their price target on shares of Valley National Bancorp from $9.00 to $12.00 in a research report on Wednesday, April 14th. Finally, Hovde Group cut shares of Valley National Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Valley National Bancorp presently has an average rating of “Hold” and an average price target of $11.54.

Shares of NASDAQ:VLY opened at $14.28 on Monday. The firm has a market capitalization of $5.79 billion, a PE ratio of 18.08 and a beta of 1.29. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.67. Valley National Bancorp has a 1-year low of $6.36 and a 1-year high of $14.69. The business’s 50 day moving average is $13.84 and its 200-day moving average is $11.40.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Wednesday, April 28th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). Valley National Bancorp had a net margin of 20.63% and a return on equity of 8.85%. During the same period in the prior year, the business earned $0.21 EPS.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Monday, March 15th were paid a $0.11 dividend. The ex-dividend date was Friday, March 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.08%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 47.83%.

A number of large investors have recently modified their holdings of VLY. International Assets Investment Management LLC raised its stake in shares of Valley National Bancorp by 114.8% in the first quarter. International Assets Investment Management LLC now owns 3,072 shares of the company’s stock worth $39,000 after acquiring an additional 1,642 shares during the last quarter. CI Investments Inc. increased its holdings in shares of Valley National Bancorp by 26.5% in the fourth quarter. CI Investments Inc. now owns 6,661 shares of the company’s stock valued at $65,000 after purchasing an additional 1,396 shares in the last quarter. Toronto Dominion Bank bought a new position in Valley National Bancorp in the 4th quarter worth approximately $79,000. Cowa LLC acquired a new position in Valley National Bancorp during the 4th quarter worth $108,000. Finally, Jefferies Group LLC acquired a new position in Valley National Bancorp during the 4th quarter worth $106,000. 58.21% of the stock is currently owned by hedge funds and other institutional investors.

About Valley National Bancorp

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth management financial 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 accounts, as well as certificates of deposit.

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

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