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

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Friday, March 14th will be paid a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, March 14th.

Valley National Bancorp has a dividend payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Down 1.9 %

Valley National Bancorp stock traded down $0.19 during mid-day trading on Thursday, reaching $9.84. 5,115,490 shares of the company were exchanged, compared to its average volume of 8,615,682. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The business has a fifty day moving average of $9.64 and a 200 day moving average of $9.35. The firm has a market cap of $5.01 billion, a P/E ratio of 14.26 and a beta of 1.12. 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 (NASDAQ:VLY) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 in the prior year, the company posted $0.22 EPS. Research analysts anticipate that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Joseph Chillura sold 50,000 shares of the stock in a transaction 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 owns 495,249 shares in the company, valued at $5,056,492.29. This represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.88% of the company’s stock.

Wall Street Analyst Weigh In

VLY has been the topic of a number of analyst reports. Piper Sandler lifted their price objective on shares of Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Wedbush reiterated a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a report on Friday, October 25th. JPMorgan Chase & Co. boosted their target price on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Citigroup increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.67.

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.