Valley National Bancorp (VLY) to Distribute Quarterly Dividend of $0.11 on April 1st

Valley National Bancorp (NASDAQ:VLY) announced a quarterly dividend on Wednesday, February 19th, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date is Friday, March 14th.

Valley National Bancorp has a payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. 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 Trading Down 1.0 %

NASDAQ:VLY opened at $8.58 on Wednesday. The company has a market capitalization of $4.81 billion, a P/E ratio of 12.43 and a beta of 1.11. The stock’s 50 day moving average price is $9.62 and its 200 day moving average price is $9.48. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. Valley National Bancorp has a 52 week low of $6.47 and a 52 week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period last year, the company earned $0.22 earnings per share. On average, research analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Insider Transactions at Valley National Bancorp

In related news, EVP Joseph Chillura sold 50,000 shares of the stock in a transaction that occurred 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 in the company, valued at $5,056,492.29. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.88% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Stephens reissued an “overweight” rating and set a $12.50 target price on shares of Valley National Bancorp in a research report on Thursday, January 2nd. JPMorgan Chase & Co. boosted their price target on shares of Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Barclays raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Citigroup increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $10.67.

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.