Valley National Bancorp Declares Quarterly Dividend of $0.11 (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Friday, March 14th will be paid a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Friday, March 14th.

Valley National Bancorp has a dividend payout ratio of 37.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $1.15 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 38.3%.

Valley National Bancorp Stock Down 1.9 %

Shares of NASDAQ:VLY opened at $9.84 on Friday. The stock has a market cap of $5.01 billion, a price-to-earnings ratio of 14.26 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The business’s 50 day moving average is $9.63 and its 200 day moving average is $9.35.

Valley National Bancorp (NASDAQ:VLY) last announced its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same period in the previous year, the firm posted $0.22 EPS. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Valley National Bancorp

In related news, EVP Joseph Chillura sold 50,000 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $10.21, for a total transaction of $510,500.00. Following the sale, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. The trade was a 9.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.88% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Citigroup boosted their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. JPMorgan Chase & Co. boosted their price objective on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Stephens reissued an “overweight” rating and issued a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Finally, StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Valley National Bancorp presently has a consensus rating of “Hold” and an average target price of $10.67.

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.