Profile
Sector:
Financial ServicesIndustry:
Banks - RegionalCountry:
United StatesIPO:
23 March 1990Website:
http://www.valley.comNext earnings report:
24 January 2025Last dividends:
13 September 2024Next dividends:
N/APrice
after hours | Fri, 01 Nov 2024 21:19:15 GMTAnalysts recommendations
Institutional Ownership
VLY Latest News
Valley National Bank shares have risen 23% over the past year, with a 5% boost from solid Q3 earnings, but valuation is now less attractive. The bank's de-risking plan is ahead of schedule, with an $800 million CRE loan sale reducing exposure and mitigating downside risk. Deposit performance is resilient, with a $300 million sequential increase and lower customer deposit costs expected to benefit Q4 margins.
An increase in non-interest income supports VLY's Q3 earnings, while a marginal decline in NII and loans, and a surge in provisions hurt.
Valley National (VLY) came out with quarterly earnings of $0.18 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.26 per share a year ago.
Although the revenue and EPS for Valley National (VLY) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Evaluate the expected performance of Valley National (VLY) for the quarter ended September 2024, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
Valley National Bancorp shares fell 5% after Q2 earnings, but the market may be overreacting to concerns about its commercial real estate portfolio. Valley's loan growth is focused on business lending to diversify away from commercial real estate, with a declining exposure to NYC. Despite concerns about credit degradation, Valley's credit performance remains fairly typical, with modest deterioration and strong deposit performance.
Valley National (VLY) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.28 per share a year ago.
Valley National Bancorp's stock is approaching a 52-week low due to struggles with high interest rates and issues in the banking sector. The bank has two preferred share offerings with high yield dividends, but there are risks to volatility here too. Risks include exposure to commercial real estate, low allowance for credit losses, high level of uninsured deposits, and a problematic loan to deposit ratio.
Valley National's first-quarter earnings fell short of expectations due to increased expenses, a significant rise in provisions, and lower net interest income. However, a boost in non-interest income provided some level of support.
The key metrics for Valley National in the quarter ending March 2024 provide an indication of the company's performance, but it could be beneficial to compare these figures to Wall Street predictions and last year's results.
What type of business is Valley National Bancorp?
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; automobile financing; and secured and unsecured other consumer loans. It also invests in various securities and interest-bearing deposits with other banks; and provides international banking services, such as standby and documentary letters of credit, and related products, as well as foreign exchange transactions, documentary collections, and foreign wire transfers services. In addition, the company offers investment services for individuals and small to medium sized businesses; and trusts investment strategies designed for various investment profiles and objectives. Further, it provides trust services, such as living and testamentary trusts, investment management, custodial and escrow services, and estate administration to individuals; tax credit advisory services; brokerage services; property and casualty, life, health, and title insurance agency services; and health care equipment lending and other commercial equipment leasing services, as well as owns real estate related investments. Additionally, the company offers online, mobile, and telephone banking services; receivable, payment, and security solution, merchant, payroll processing, and liquidity services; credit cards; and drive-in and night deposit, automated teller machine, remote deposit capture, and safe deposit facility services. Valley National Bancorp was founded in 1927 and is headquartered in Morristown, New Jersey.
What sector is Valley National Bancorp in?
Valley National Bancorp is in the Financial Services sector
What industry is Valley National Bancorp in?
Valley National Bancorp is in the Banks - Regional industry
What country is Valley National Bancorp from?
Valley National Bancorp is headquartered in United States
When did Valley National Bancorp go public?
Valley National Bancorp initial public offering (IPO) was on 23 March 1990
What is Valley National Bancorp website?
https://www.valley.com
Is Valley National Bancorp in the S&P 500?
No, Valley National Bancorp is not included in the S&P 500 index
Is Valley National Bancorp in the NASDAQ 100?
No, Valley National Bancorp is not included in the NASDAQ 100 index
Is Valley National Bancorp in the Dow Jones?
No, Valley National Bancorp is not included in the Dow Jones index
When was Valley National Bancorp the previous earnings report?
No data
When does Valley National Bancorp earnings report?
The next expected earnings date for Valley National Bancorp is 24 January 2025