Valley National Posts $206.3M Third-Quarter Net Income
VLY sits 34% above its 52-week low of $9.71.
Summary
Valley National Bancorp reported third-quarter net income of $206.3 million, with earnings per share of 36 cents and revenue of $584.2 million. The results land after an active stretch of deal-making: the $247 million Providence Financial acquisition announced in August and the $340 million Bluevine purchase announced in September, with the Providence S-4 setting final terms of $21.47 cash plus 4.3854 Valley shares on October 21. Those deals add integration cost and share issuance, so the quality of this quarter's earnings — and any commentary on deal timing — matters more than the headline number alone.
At the time of this announcement, VLY was trading at $12.99 on NASDAQ in the Finance sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $9.71 to $15.20. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.