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.

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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.

Dividend History for Valley National Bancorp (NYSE:VLY)

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