Valley National Bancorp (VLY) to Issue Quarterly Dividend of $0.11
Valley National Bancorp (NYSE:VLY) declared a quarterly dividend on Wednesday, August 23rd, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.11 per share by the financial services provider on Tuesday, October 3rd. This represents a $0.44 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, September 14th.
Valley National Bancorp has decreased its dividend payment by an average of 12.2% annually over the last three years. Valley National Bancorp has a dividend payout ratio of 62.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Valley National Bancorp to earn $0.83 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 53.0%.
Valley National Bancorp (VLY) traded down 0.09% on Wednesday, reaching $11.15. 1,097,521 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $11.72 and its 200-day moving average is $11.85. Valley National Bancorp has a 12 month low of $9.23 and a 12 month high of $12.82. The firm has a market cap of $2.94 billion, a PE ratio of 15.93 and a beta of 0.90.
Valley National Bancorp (NYSE:VLY) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. The company had revenue of $195.79 million during the quarter, compared to analyst estimates of $190.83 million. Valley National Bancorp had a net margin of 20.73% and a return on equity of 8.39%. During the same quarter in the prior year, the business earned $0.15 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post $0.71 earnings per share for the current year.
VLY has been the subject of several research reports. ValuEngine upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. Morgan Stanley restated an “equal weight” rating and set a $11.50 price target (up previously from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. BidaskClub upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $13.00 price target (up previously from $12.00) on shares of Valley National Bancorp in a research report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $12.67.
In other Valley National Bancorp news, Director Mary Guilfoile sold 39,495 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $11.91, for a total transaction of $470,385.45. Following the completion of the transaction, the director now owns 258,719 shares in the company, valued at $3,081,343.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is owned by company insiders.
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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