Valley National Bancorp (NASDAQ:VLY) Releases Earnings Results, Misses Expectations By $0.07 EPS

Valley National Bancorp (NASDAQ:VLY) posted its quarterly earnings results on Thursday. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07), Briefing.com reports. The company had revenue of $884.68 million during the quarter, compared to the consensus estimate of $458.67 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter in the previous year, the company posted $0.28 earnings per share.

Valley National Bancorp Price Performance

VLY traded up $0.16 during midday trading on Friday, hitting $8.23. 6,238,734 shares of the company traded hands, compared to its average volume of 6,400,001. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 9.68 and a beta of 1.08. The business has a 50 day simple moving average of $7.14 and a two-hundred day simple moving average of $7.90. The company has a current ratio of 0.99, a quick ratio of 1.00 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

Valley National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Thursday, June 13th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 5.35%. The ex-dividend date of this dividend was Thursday, June 13th. Valley National Bancorp’s payout ratio is presently 51.76%.

Analyst Ratings Changes

VLY has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday. Wedbush reiterated a “neutral” rating and issued a $8.00 price target on shares of Valley National Bancorp in a report on Wednesday, May 22nd. JPMorgan Chase & Co. decreased their price objective on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. StockNews.com raised Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Finally, Barclays decreased their price target on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.61.

Insider Buying and Selling

In other Valley National Bancorp news, EVP Joseph Chillura sold 10,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $6.57, for a total transaction of $65,700.00. Following the transaction, the executive vice president now owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Andrew B. Abramson sold 16,451 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the sale, the director now owns 224,679 shares of the company’s stock, valued at $1,734,521.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Joseph Chillura sold 10,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the sale, the executive vice president now owns 545,249 shares in the company, valued at approximately $3,582,285.93. The disclosure for this sale can be found here. Insiders sold a total of 51,451 shares of company stock worth $378,452 in the last 90 days. Insiders own 1.88% of the company’s stock.

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.