Yahoo Finance Valley National Bancorp First Quarter 2024 Earnings: EPS Misses Expectations
Valley National Bancorp (NASDAQ:VLY) First Quarter 2024 Results
Key Financial Results
Revenue: US$404.2m (down 14% from 1Q 2023).
Net income: US$92.2m (down 35% from 1Q 2023).
Profit margin: 23% (down from 30% in 1Q 2023). The decrease in margin was driven by lower revenue.
EPS: US$0.18 (down from US$0.28 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Valley National Bancorp EPS Misses Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.8%.
Looking ahead, revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 6.3% from a week ago.
Risk Analysis
Before you take the next step you should know about the 2 warning signs for Valley National Bancorp that we have uncovered.
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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.
