Valley National Bancorp expects continued focus on operational efficiency and resource re-allocation
Overview
U.S. regional bank's Q2 revenue slightly beat analyst expectations, but adjusted EPS misses
Adjusted net income for Q2 beat analyst estimates
Company repurchased 1.5 mln shares during the quarter
Result drivers
Loan and deposit growth - Growth in C&I and CRE loans and higher non-interest bearing deposits contributed to increased net interest income and margin
Non-interest income - Higher capital markets and wealth management fees boosted non-interest income, largely due to increased transaction volumes and advisory services
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Valley National Bancorp is $16.50, about 13.6% above its July 22 closing price of $14.52
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago
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