Valley National Bancorp (NASDAQ:VLY) Releases Earnings Results, Meets Estimates

Valley National Bancorp (NASDAQ:VLY) announced 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 net margin of 10.79% and a return on equity of 6.53%. The company had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same quarter last year, the firm posted $0.26 EPS.

Valley National Bancorp Trading Down 3.4 %

Shares of VLY opened at $9.27 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $4.72 billion, a P/E ratio of 10.91 and a beta of 1.08. The company has a 50 day simple moving average of $8.77 and a two-hundred day simple moving average of $7.89. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.75%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. StockNews.com cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Piper Sandler boosted their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday. Royal Bank of Canada boosted their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Keefe, Bruyette & Woods boosted their target price 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, July 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.63.

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.