Valley National Bancorp (NYSE:VLY) Issues Earnings Results, Hits Estimates
Valley National Bancorp (NYSE:VLY) released its quarterly earnings data on Wednesday. The financial services provider reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18, MarketWatch Earnings reports. Valley National Bancorp had a return on equity of 8.08% and a net margin of 20.07%. During the same period in the previous year, the firm earned $0.15 EPS.
Valley National Bancorp (NYSE VLY) traded down 6.37% on Wednesday, reaching $11.61. The company had a trading volume of 7,510,521 shares. The stock has a 50 day moving average price of $11.78 and a 200 day moving average price of $11.86. Valley National Bancorp has a 52-week low of $8.90 and a 52-week high of $12.82. The stock has a market capitalization of $3.06 billion, a PE ratio of 17.59 and a beta of 0.90.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Tuesday, June 13th. Valley National Bancorp’s dividend payout ratio is presently 65.67%.
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A number of research analysts recently commented on VLY shares. Zacks Investment Research cut Valley National Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, March 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $13.00 price objective on shares of Valley National Bancorp in a report on Monday, April 3rd. Stephens started coverage on Valley National Bancorp in a report on Wednesday, April 5th. They issued an “equal weight” rating on the stock. ValuEngine upgraded Valley National Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, June 6th. Finally, BidaskClub cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $11.80.
A number of hedge funds have recently added to or reduced their stakes in the company. Teachers Advisors LLC boosted its stake in Valley National Bancorp by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 439,942 shares of the financial services provider’s stock valued at $5,121,000 after buying an additional 9,760 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Valley National Bancorp by 1.4% in the first quarter. Nisa Investment Advisors LLC now owns 120,441 shares of the financial services provider’s stock valued at $1,421,000 after buying an additional 1,700 shares during the last quarter. Prudential Financial Inc. boosted its stake in Valley National Bancorp by 109.0% in the first quarter. Prudential Financial Inc. now owns 330,094 shares of the financial services provider’s stock valued at $3,895,000 after buying an additional 172,120 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Valley National Bancorp by 34.0% in the first quarter. Alliancebernstein L.P. now owns 522,944 shares of the financial services provider’s stock valued at $6,171,000 after buying an additional 132,790 shares during the last quarter. Finally, Norges Bank purchased a new stake in Valley National Bancorp during the fourth quarter valued at approximately $27,167,000. 61.55% of the stock is owned by hedge funds and other institutional investors.
About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.
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