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

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Sunday, December 1st,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 yield of 4.17%. The ex-dividend date is Friday, December 13th.

Valley National Bancorp has a payout ratio of 48.4% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

VLY stock opened at $10.55 on Tuesday. The stock’s fifty day moving average is $9.57 and its two-hundred day moving average is $8.34. The stock has a market capitalization of $5.37 billion, a price-to-earnings ratio of 17.02 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.97 and a current ratio of 0.99. Valley National Bancorp has a 1 year low of $6.47 and a 1 year high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, meeting 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 firm had revenue of $921.22 million for the quarter, compared to analysts’ expectations of $467.87 million. During the same period last year, the firm earned $0.26 EPS. On average, research analysts predict that Valley National Bancorp will post 0.66 EPS for the current year.

Wall Street Analysts Forecast Growth

VLY has been the subject of several research reports. Wedbush restated a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Piper Sandler upped their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Barclays upgraded Valley National Bancorp from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $9.00 to $10.00 in a report on Thursday, October 31st. JPMorgan Chase & Co. raised 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 report on Monday, November 11th. Finally, Royal Bank of Canada increased their price target on Valley National Bancorp from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and a consensus target price of $9.88.

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.