Valley National Bancorp (NASDAQ:VLY) is reporting third quarter financial results on Thursday 22nd October 2020, before market open.
According to analysts surveyed by Thomson Reuters, VLY is expected to report 3Q20 income of $ 0.25 per share from revenue of $ 329.16 million.
For the full year, analysts anticipate top line of $ 1299.66 million, while looking forward to income of $ 0.94 per share bottom line.
Previous Quarter Performance
Valley National Bancorp communicated income for the second quarter of $ 0.23 per share, from the revenue of $ 327.39 million. The quarterly revenues escalated 30.28 percent compared with the same quarter last year. According to street consensus, VLY was expected to report 2Q20 income of $ 0.21 per share from revenue of $ 306.35 million. The bottom line results beat street analysts by $ 0.02 or 9.52 percent, at the same time, top line results outshined analysts by $ 21.04 million or 6.87 percent.
Stock Performance
Shares of Valley National Bancorp traded low $ -0.01 or -0.13 percent on Wednesday, reaching $ 7.62 with volume of 698.80 thousand shares. The stock opened down for the day at $ 7.62, after closing the previous day trading at $ 7.63.
According to the previous trading day, closing price of $ 7.63, representing a 27.17 % increase from the 52 week low of $ 6.00 and a 37.15 % decrease over the 52 week high of $ 12.14.
The company has a market capital of $ 3.08 billion and is part of the Financial Services sector and Banks – Regional – US industry.
Recent Analyst recommendations
- On 28th September 2020, maintained by Piper Sandler at Overweight rating, with $ 9.00 target price.
Recent Stock Dividend Announcement
On August 12, 2020, the board of directors authorized quarterly dividend of $ 0.11 per share to holders of record as of the close of business on September 15, 2020, with payment date of October 1, 2020 and ex-dividend date on September 14, 2020.
Conference Call
Valley National Bancorp will be hosting a conference call at 11:00 AM eastern time on 22nd October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.valley.com
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.
