Valley National Bancorp (NASDAQ:VLY – Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. The firm had revenue of $884.68 million for the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same period in the previous year, the firm posted $0.28 EPS.
Valley National Bancorp Trading Up 2.0 %
NASDAQ:VLY traded up $0.16 on Friday, reaching $8.23. 6,156,567 shares of the company’s stock were exchanged, compared to its average volume of 5,915,995. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 9.68 and a beta of 1.08. The business has a fifty day moving average of $7.14 and a 200-day moving average of $7.92. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.
Valley National Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Thursday, June 13th were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, June 13th. This represents a $0.44 dividend on an annualized basis and a yield of 5.35%. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.
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Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target 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. StockNews.com raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. JPMorgan Chase & Co. decreased their target price on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Barclays decreased their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Valley National Bancorp in a research report on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has an average rating of “Hold” and an average price target of $8.61.
Read Our Latest Report on Valley National Bancorp
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.
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