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

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 dividend on an annualized basis and a 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. 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 Trading Down 1.9 %

NASDAQ:VLY opened at $9.84 on Friday. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $9.63 and a two-hundred day moving average price of $9.35. The company has a market cap of $5.01 billion, a P/E ratio of 14.26 and a beta of 1.12.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period last year, the company posted $0.22 EPS. As a group, analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on VLY. Wedbush reiterated a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research note on Friday, October 25th. Citigroup upped their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Royal Bank of Canada upped their price objective on Valley National Bancorp from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. increased their price target on Valley National Bancorp from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.67.

Insiders Place Their Bets

In other news, EVP Joseph Chillura sold 50,000 shares of the 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 of the company’s stock, valued at approximately $5,056,492.29. This represents 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. Company insiders own 1.88% of the company’s stock.

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.