Regional banking company Valley National Bancorp (NASDAQ: VLY) will be reporting results this Thursday before market open. Here’s what investors should know.
Valley National Bank met analysts’ revenue expectations last quarter, reporting revenues of $512.3 million, up 8.8% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but net interest income in line with analysts’ estimates.
Is Valley National Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Valley National Bank’s revenue to grow 8.8% year on year to $526 million, improving from the 7.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.29 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Valley National Bank has missed Wall Street’s revenue estimates four times over the last two years.
Looking at Valley National Bank’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. UMB Financial delivered year-on-year revenue growth of 66%, beating analysts’ expectations by 6%, and WSFS Financial reported revenues up 6.2%, topping estimates by 4.1%. WSFS Financial traded up 6.5% following the results.
Read our full analysis of UMB Financial’s results here and WSFS Financial’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 3.4% on average over the last month. Valley National Bank is up 4.2% during the same time and is heading into earnings with an average analyst price target of $14.04 (compared to the current share price of $12.20).
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