Profile
Sector:
Financial ServicesIndustry:
Banks - RegionalCountry:
United StatesIPO:
23 March 1990Website:
http://www.valley.comNext earnings report:
26 July 2024Last dividends:
13 June 2024Next dividends:
N/APrice
after hours | Tue, 02 Jul 2024 22:12:12 GMTAnalysts recommendations
Institutional Ownership
VLY Latest News
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.
Valley National reported earnings of $0.19 per share for the quarter, falling short of the Zacks Consensus Estimate of $0.20 per share. This is lower than the $0.30 per share earnings from the same quarter last year.
Valley National Bancorp, the parent company of Valley National Bank, will report its first quarter earnings for 2024 on April 25, 2024 before the market opens.
Valley National (VLY) announces a new share repurchase program. Given the decent liquidity and strong balance sheet position, this looks sustainable in the long run.
Valley National (VLY) benefits from improved revenues, loan balances and strategic acquisitions. Yet, mounting expenses and pressure on NIM are near-term concerns.
Ira Robbins, CEO at Valley National Bank, says, “we have not had to restructure one loan of that whole $2.8 billion” of loans that have repriced or matured in the last year as he discusses the bank's commercial real estate loan portfolio. For more on this story, please see: https://www.bloomberg.com/news/articles/2024-02-15/valley-national-s-real-estate-loans-in-strong-shape-ceo-says --------
Lower revenues, an increase in non-interest expenses and higher provisions hurt Valley National's (VLY) Q4 earnings.
While the top- and bottom-line numbers for Valley National (VLY) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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What type of business is Valley National Bancorp?
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Commercial Lending, Consumer Lending, and Investment Management 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; 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, foreign wire transfers services, and transaction accounts for non-resident aliens. In addition, the company offers investment services for individuals and small to medium sized businesses; and trusts and custom -tailored investment strategies for various retirement plans. 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; 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; and overdraft, drive-in and night deposit, automated teller machine, remote deposit capture, and safe deposit facility services. As of December 31,2021, it operated 232 branch offices in New Jersey, New York, Florida, and Alabama. The company was incorporated in 1927 and is headquartered in New York, New York.
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 does Valley National Bancorp report earnings?
The next expected earnings date for Valley National Bancorp is 26 July 2024