Valley National Bancorp (NASDAQ:VLY) Declares $0.11 Quarterly Dividend

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Investors of record on Friday, December 13th will be given a dividend of 0.11 per share on Thursday, January 2nd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Friday, December 13th.

Valley National Bancorp has a dividend payout ratio of 47.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $0.91 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 48.4%.

Valley National Bancorp Stock Performance

VLY stock traded down $0.04 during mid-day trading on Tuesday, hitting $10.19. The company had a trading volume of 6,887,831 shares, compared to its average volume of 6,155,979. The firm has a market cap of $5.19 billion, a PE ratio of 16.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The stock’s fifty day moving average price is $9.24 and its two-hundred day moving average price is $8.17.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same quarter in the previous year, the firm posted $0.26 earnings per share. On average, analysts forecast that Valley National Bancorp will post 0.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barclays raised shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $9.00 to $10.00 in a research note on Thursday, October 31st. Keefe, Bruyette & Woods boosted their price objective on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a report on Friday, July 26th. Royal Bank of Canada boosted their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Morgan Stanley upped their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, StockNews.com upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $9.88.

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.