Valley National Bancorp Second Quarter 2024 Earnings: Misses Expectations

Valley National Bancorp (NASDAQ:VLY) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$365.0m (down 22% from 2Q 2023).
• Net income: US$66.3m (down 51% from 2Q 2023).
• Profit margin: 18% (down from 29% in 2Q 2023). The decrease in margin was driven by lower revenue.
• EPS: US$0.13 (down from US$0.27 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Valley National Bancorp Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 34%.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 2.6% from a week ago.

Risk Analysis

Be aware that Valley National Bancorp is showing 3 warning signs in our investment analysis that you should know about...

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