Valley National (VLY - Free Report) reported $471.08 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 7.7%. EPS of $0.26 for the same period compares to $0.35 a year ago.
The reported revenue represents a surprise of -0.01% over the Zacks Consensus Estimate of $471.14 million. With the consensus EPS estimate being $0.26, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Valley National performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency Ratio: 56.7% versus 55.4% estimated by six analysts on average.
- Net Interest Margin: 2.9% versus the six-analyst average estimate of 2.9%.
- Total interest earning assets - Average Balance: $56.80 billion versus $57.44 billion estimated by five analysts on average.
- Net Charge-off average loans: 0% versus 0.1% estimated by four analysts on average.
- Total Non-performing Assets: $260.33 million versus $310.84 million estimated by two analysts on average.
- Net interest income/interest rate spread (FTE): $413.66 million compared to the $416.50 million average estimate based on six analysts.
- Total non-interest Income: $58.66 million compared to the $55.22 million average estimate based on six analysts.
- Bank owned life insurance: $2.71 million versus $2.50 million estimated by five analysts on average.
- Gains on sales of loans, net: $2.02 million versus $1.54 million estimated by five analysts on average.
- Insurance commissions: $2.34 million versus the five-analyst average estimate of $3.30 million.
- Wealth management and trust fees: $11.42 million versus $11.08 million estimated by five analysts on average.
- Service charges on deposit accounts: $10.95 million versus $10.71 million estimated by five analysts on average.
View all Key Company Metrics for Valley National here>>>Shares of Valley National have returned -7.5% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Valley National (VLY - Free Report) reported $471.08 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 7.7%. EPS of $0.26 for the same period compares to $0.35 a year ago.
The reported revenue represents a surprise of -0.01% over the Zacks Consensus Estimate of $471.14 million. With the consensus EPS estimate being $0.26, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Valley National performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency Ratio: 56.7% versus 55.4% estimated by six analysts on average.
- Net Interest Margin: 2.9% versus the six-analyst average estimate of 2.9%.
- Total interest earning assets - Average Balance: $56.80 billion versus $57.44 billion estimated by five analysts on average.
- Net Charge-off average loans: 0% versus 0.1% estimated by four analysts on average.
- Total Non-performing Assets: $260.33 million versus $310.84 million estimated by two analysts on average.
- Net interest income/interest rate spread (FTE): $413.66 million compared to the $416.50 million average estimate based on six analysts.
- Total non-interest Income: $58.66 million compared to the $55.22 million average estimate based on six analysts.
- Bank owned life insurance: $2.71 million versus $2.50 million estimated by five analysts on average.
- Gains on sales of loans, net: $2.02 million versus $1.54 million estimated by five analysts on average.
- Insurance commissions: $2.34 million versus the five-analyst average estimate of $3.30 million.
- Wealth management and trust fees: $11.42 million versus $11.08 million estimated by five analysts on average.
- Service charges on deposit accounts: $10.95 million versus $10.71 million estimated by five analysts on average.
View all Key Company Metrics for Valley National here>>>Shares of Valley National have returned -7.5% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
Get the latest research report on VLY - FREE