Valley National Bancorp (NASDAQ:VLY) Issues Quarterly Earnings Results

Valley National Bancorp (NASDAQ:VLY) announced its quarterly earnings data on Thursday. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18, Briefing.com reports. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The business had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. During the same period in the prior year, the firm posted $0.26 EPS.

Valley National Bancorp Stock Down 3.4 %

NASDAQ VLY opened at $9.27 on Friday. The stock has a market cap of $4.72 billion, a PE ratio of 10.91 and a beta of 1.08. The business has a 50 day moving average price of $8.77 and a two-hundred day moving average price of $7.89. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.22. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.51.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. lifted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Royal Bank of Canada upped their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Barclays lifted their price objective on Valley National Bancorp from $8.00 to $9.00 and gave the company an “underweight” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.63.

About Valley National Bancorp

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.