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- NasdaqGS:VLY
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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About NasdaqGS:VLY
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.
Flawless balance sheet established dividend payer.