Valley National Bancorp (NASDAQ:VLY) Posts Earnings Results, Hits Estimates

Valley National Bancorp (NASDAQ:VLY) announced its quarterly earnings data on Thursday. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18, Briefing.com reports. The company had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same quarter in the prior year, the firm earned $0.26 earnings per share.

Valley National Bancorp Trading Down 3.4 %

NASDAQ VLY opened at $9.27 on Friday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.22. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 10.91 and a beta of 1.08. The firm’s 50 day moving average price is $8.77 and its two-hundred day moving average price is $7.89.

Valley National Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Barclays lifted their price objective on shares of Valley National Bancorp from $8.00 to $9.00 and gave the stock an “underweight” rating in a research note on Friday. JPMorgan Chase & Co. increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Royal Bank of Canada raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday. Morgan Stanley raised their target price on 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, Piper Sandler lifted their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.