Valley National Bancorp (NASDAQ:VLY) Issues Earnings Results

Valley National Bancorp (NASDAQ:VLY) announced 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 firm had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same quarter in the prior year, the business earned $0.28 EPS.

Valley National Bancorp Trading Up 2.0 %

Valley National Bancorp stock traded up $0.16 during mid-day trading on Friday, hitting $8.23. 6,156,567 shares of the stock were exchanged, compared to its average volume of 5,915,995. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.51. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The firm’s fifty day simple moving average is $7.14 and its two-hundred day simple moving average is $7.92. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of 9.68 and a beta of 1.08.

Valley National Bancorp Announces Dividend

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

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Royal Bank of Canada increased their price target on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday. Wedbush reissued a “neutral” rating and issued a $8.00 price objective on shares of Valley National Bancorp in a research report on Wednesday, May 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday. StockNews.com raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp has an average rating of “Hold” and an average target price of $8.61.

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.