Valley National Bancorp Announces Quarterly Dividend of $0.11 (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Friday, March 14th will be paid a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date of this dividend is Friday, March 14th.

Valley National Bancorp has a payout ratio of 37.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Valley National Bancorp to earn $1.15 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 38.3%.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY opened at $9.53 on Friday. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 13.81 and a beta of 1.12. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $9.62 and a 200 day moving average of $9.36.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same quarter in the prior year, the company posted $0.22 earnings per share. On average, sell-side analysts predict that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Royal Bank of Canada boosted their price objective on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Wedbush reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Valley National Bancorp in a report on Friday, October 25th. JPMorgan Chase & Co. lifted their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Finally, StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.67.

Insider Activity

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the sale, the executive vice president now directly owns 495,249 shares of the company’s stock, valued at approximately $5,056,492.29. This represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.88% of the company’s stock.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.