Regional banking company Valley National Bancorp (NASDAQ: VLY) will be reporting results tomorrow morning. Here’s what you need to know.
Valley National Bank beat analysts’ revenue expectations last quarter, reporting revenues of $562 million, up 13.3% year on year. It was a slower quarter for the company, with EPS in line with analysts’ estimates and a slight miss of analysts’ tangible book value per share 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, the market is expecting Valley National Bank’s revenue to grow 12.9% year on year, improving from the 8.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Valley National Bank rarely misses Wall Street’s revenue estimates.
Looking at Valley National Bank’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. QCR Holdings’s revenues decreased 11.7% year on year, missing analysts’ expectations by 8.9%, and Washington Trust Bancorp reported revenues up 15%, topping estimates by 4.1%. Washington Trust Bancorp traded up 4% following the results.
Read our full analysis of QCR Holdings’s results here and Washington Trust Bancorp’s results here.
Investors in the regional banks segment have had fairly steady hands going into earnings, with share prices down 1.9% on average over the last month. Valley National Bank is down 2.1% during the same time and is heading into earnings with an average analyst price target of $16.50 (compared to the current share price of $12.84).
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