Valley National Bancorp reports results for the quarter ended in June - Earnings Summary

Valley National Bancorp

25/07/2024 14:52

* Valley National Bancorp  VLY.OQ  reported quarterly
adjusted
earnings of 13 cents​​ per share for the quarter ended in June,
lower than the same quarter last year, when the company reported
EPS of 28 cents.  The mean expectation of eleven analysts for
the quarter was for earnings of 19 cents per share. Wall Street
expected results to range from 17 cents to 22 cents per share.
    * Revenue fell 5.6% to $452.90 million from a year ago;
analysts
expected $459.87 million. 
    * Valley National Bancorp's reported EPS for the quarter was
13
cents​.
    * The company reported quarterly net income of $66.32
million.
    * Valley National Bancorp shares had risen by 12.2% this
quarter and lost 27.9% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 10.5%
in the last three months.​ 
    * In the last 30 days, two analysts negatively revised
earnings
estimates

RECOMMENDATIONS
    * The current average analyst rating on the shares is "hold"
and
the breakdown of recommendations is 3 "strong buy" or "buy," 6
"hold" and 2 "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "hold"

Wall Street's median 12-month price target for Valley National
Bancorp is $8.00 
This summary was machine generated from LSEG data July 25 at
01:52 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      0.19           0.13           Missed
 Mar. 31 2024      0.20           0.19           Missed
 Dec. 31 2023      0.25           0.22           Missed
 Sep. 30 2023      0.26           0.26           Met