Wall Street brokerages expect that Valley National Bancorp (NASDAQ:VLY) will announce sales of $331.95 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Valley National Bancorp’s earnings, with the highest sales estimate coming in at $341.30 million and the lowest estimate coming in at $326.56 million. Valley National Bancorp reported sales of $276.64 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 20%. The business is expected to announce its next quarterly earnings results on Thursday, February 4th.
On average, analysts expect that Valley National Bancorp will report full year sales of $1.30 billion for the current financial year, with estimates ranging from $1.30 billion to $1.31 billion. For the next financial year, analysts expect that the company will post sales of $1.34 billion, with estimates ranging from $1.33 billion to $1.37 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Valley National Bancorp.
Several research firms recently issued reports on VLY. Morgan Stanley cut their target price on Valley National Bancorp from $9.75 to $9.25 and set an “equal weight” rating for the company in a research report on Tuesday, November 3rd. Wedbush increased their target price on Valley National Bancorp from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, October 26th. Finally, BidaskClub upgraded Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, October 26th.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 4.78%. The ex-dividend date of this dividend is Monday, December 14th. Valley National Bancorp’s dividend payout ratio is currently 47.83%.
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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