Compared to Estimates, Valley National (VLY) Q2 Earnings: A Look at Key Metrics
For the quarter ended June 2023, Valley National (VLY) reported revenue of $479.84 million, up 0.7% over the same period last year. EPS came in at $0.28, compared to $0.32 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $491.86 million, representing a surprise of -2.44%. The company delivered an EPS surprise of -3.45%, with the consensus EPS estimate being $0.29.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 55.59% versus 52.13% estimated by six analysts on average.
Net Interest Margin: 2.93% compared to the 3.12% average estimate based on six analysts.
Total interest earning assets - Average Balance: $57.35 billion versus the five-analyst average estimate of $56.60 billion.
Net Charge-off average loans: 0.07% versus 0.09% estimated by four analysts on average.
Total Non-performing Assets: $256.15 million compared to the $295 million average estimate based on two analysts.
Net interest income/interest rate spread (FTE): $421.28 million versus the six-analyst average estimate of $439.46 million.
Total non-interest Income: $60.08 million compared to the $55.97 million average estimate based on six analysts.
Bank owned life insurance: $2.44 million compared to the $2.79 million average estimate based on five analysts.
Gains on sales of loans, net: $1.24 million compared to the $1.30 million average estimate based on five analysts.
Insurance commissions: $3.14 million versus $2.60 million estimated by five analysts on average.
Wealth management and trust fees: $11.18 million compared to the $9.97 million average estimate based on five analysts.
Service charges on deposit accounts: $10.54 million compared to the $10.51 million average estimate based on five analysts.
View all Key Company Metrics for Valley National here>>>
Shares of Valley National have returned +34.8% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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Valley National Bancorp (VLY) : Free Stock Analysis Report
