Valley National Bancorp (NASDAQ:VLY) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Valley National Bancorp (NASDAQ:VLY) issued its quarterly earnings results on Thursday. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01), Briefing.com reports. Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. The business had revenue of $890.07 million for the quarter, compared to the consensus estimate of $447.38 million. During the same period in the prior year, the business posted $0.30 earnings per share.

Valley National Bancorp Stock Down 5.8 %

VLY stock traded down $0.45 during trading on Friday, reaching $7.32. 7,044,627 shares of the company traded hands, compared to its average volume of 6,258,374. The business has a 50 day simple moving average of $7.84 and a 200 day simple moving average of $8.82. Valley National Bancorp has a 12 month low of $6.39 and a 12 month high of $11.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 8.02 and a beta of 1.09.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Investors of record on Thursday, March 14th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.01%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is currently 46.32%.

Insider Transactions at Valley National Bancorp

In related news, EVP Joseph Chillura sold 49,715 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the transaction, the executive vice president now owns 545,249 shares in the company, valued at approximately $4,460,136.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on VLY. Keefe, Bruyette & Woods decreased their target price on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, January 26th. Royal Bank of Canada lowered their price objective on shares of Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, April 9th. Wedbush reduced their target price on shares of Valley National Bancorp from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday. Morgan Stanley boosted their price target on Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, February 7th. Finally, Barclays initiated coverage on Valley National Bancorp in a report on Friday, March 8th. They set an “underweight” rating and a $8.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has an average rating of “Hold” and a consensus price target of $9.33.

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.