Valley National Bancorp (VLY) Announces $0.11 Dividend
Valley National Bancorp (NYSE:VLY) announced a dividend on Tuesday, August 22nd, Fidelity reports. Investors of record on Friday, September 15th will be paid a dividend of 0.11 per share by the financial services provider on Monday, October 2nd. 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% per year over the last three years. Valley National Bancorp has a payout ratio of 62.0% indicating that its dividend is sufficiently covered by earnings. Equities 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%.
Shares of Valley National Bancorp (NYSE VLY) traded up 0.19% during mid-day trading on Friday, reaching $10.73. 2,585,890 shares of the company were exchanged. Valley National Bancorp has a 12 month low of $9.23 and a 12 month high of $12.82. The stock has a 50 day moving average price of $11.45 and a 200-day moving average price of $11.76. The stock has a market capitalization of $2.83 billion, a P/E ratio of 15.33 and a beta of 0.91.
Valley National Bancorp (NYSE:VLY) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $195.79 million for 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 period in the previous year, the firm earned $0.15 EPS. Analysts predict that Valley National Bancorp will post $0.71 earnings per share for the current year.
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Several research firms recently commented on VLY. Zacks Investment Research lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. BidaskClub lowered shares of Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $11.50 price objective (up from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. Keefe, Bruyette & Woods upgraded shares of Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price objective on the stock in a research report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $12.67.
In other Valley National Bancorp news, Director Mary Guilfoile sold 5,140 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $11.92, for a total value of $61,268.80. Following the transaction, the director now directly owns 258,719 shares in the company, valued at approximately $3,083,930.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.07% of the stock is currently owned by corporate insiders.
Valley National Bancorp Company Profile
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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