Valley National Bancorp (VLY) To Go Ex-Dividend on September 13th

Valley National Bancorp (NASDAQ:VLY) announced a quarterly dividend on Tuesday, August 20th, Zacks reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.11 per share on Tuesday, October 1st. This represents a $0.44 annualized dividend and a dividend yield of 5.40%. The ex-dividend date of this dividend is Friday, September 13th.

Valley National Bancorp has a payout ratio of 45.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Valley National Bancorp to earn $0.96 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 45.8%.

Valley National Bancorp Stock Down 0.4 %

Shares of Valley National Bancorp stock opened at $8.15 on Wednesday. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.22. 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 stock’s 50-day moving average is $7.97 and its 200 day moving average is $7.63. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of 9.59 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The firm had revenue of $884.68 million during the quarter, compared to the consensus estimate of $458.67 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 previous year, the company posted $0.28 EPS. Equities research analysts anticipate that Valley National Bancorp will post 0.7 EPS for the current year.

Insider Buying and Selling at Valley National Bancorp

In related news, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.88% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on VLY. Keefe, Bruyette & Woods increased their price target on 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. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Morgan Stanley raised Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $8.00 to $9.50 in a research report on Monday, August 5th. Barclays dropped their price target on 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, JPMorgan Chase & Co. dropped their price target on 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. 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.31.

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.