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 is Friday, December 13th.

Valley National Bancorp has a payout ratio of 47.8% indicating that 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 Trading Down 0.4 %

NASDAQ VLY traded down $0.04 on Tuesday, hitting $10.19. 6,887,831 shares of the stock were exchanged, compared to its average volume of 6,155,979. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. The stock has a fifty day moving average price of $9.24 and a two-hundred day moving average price of $8.17. The firm has a market capitalization of $5.19 billion, a P/E ratio of 16.50 and a beta of 1.07. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last released its earnings results on Thursday, October 24th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. The business had revenue of $921.22 million during the quarter, compared to the consensus estimate of $467.87 million. During the same period last year, the company earned $0.26 earnings per share. Research analysts forecast that Valley National Bancorp will post 0.66 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the company from $10.50 to $11.00 in a research report on Monday, November 11th. Keefe, Bruyette & Woods boosted their price target on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. Morgan Stanley boosted their price target on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Barclays raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $9.00 to $10.00 in a report on Thursday, October 31st. Finally, Royal Bank of Canada boosted their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.88.

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.