Valley National Bancorp (NASDAQ:VLY) Issues Earnings Results, Hits Expectations

Valley National Bancorp (NASDAQ:VLY) released its quarterly earnings data on Thursday. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18, Briefing.com reports. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period in the prior year, the firm earned $0.26 earnings per share.

Valley National Bancorp Stock Performance

Shares of VLY stock remained flat at $9.12 during mid-day trading on Thursday. The stock had a trading volume of 200,559 shares, compared to its average volume of 5,802,073. The stock’s 50 day simple moving average is $8.71 and its two-hundred day simple moving average is $7.86. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The company has a market cap of $4.64 billion, a P/E ratio of 12.85 and a beta of 1.08.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.82%. The ex-dividend date was Friday, September 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 61.97%.

Analyst Ratings Changes

A number of research firms have issued reports on VLY. Keefe, Bruyette & Woods boosted their target price on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday, July 26th. Wedbush boosted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Morgan Stanley upped their price objective on 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. Finally, JPMorgan Chase & Co. upped their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.88.

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.