Valley National Bancorp (NASDAQ:VLY – Get Free Report) released its earnings results on Thursday. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07), Briefing.com reports. The company had revenue of $884.68 million during the quarter, compared to analysts’ expectations of $458.67 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same quarter in the previous year, the firm earned $0.28 earnings per share.
Valley National Bancorp Price Performance
NASDAQ VLY traded up $0.16 on Friday, hitting $8.23. The stock had a trading volume of 6,156,567 shares, compared to its average volume of 5,915,995. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 9.68 and a beta of 1.08. The firm has a 50-day moving average of $7.14 and a 200-day moving average of $7.92.
Valley National Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Thursday, June 13th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 5.35%. The ex-dividend date of this dividend was Thursday, June 13th. Valley National Bancorp’s dividend payout ratio is presently 51.76%.
Insiders Place Their Bets
Analyst Ratings Changes
VLY has been the topic of a number of research analyst reports. Barclays dropped their target price on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Keefe, Bruyette & Woods upped their price target on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research note on Friday. Royal Bank of Canada upped their price target on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday. Wedbush restated a “neutral” rating and set a $8.00 price target on shares of Valley National Bancorp in a research note on Wednesday, May 22nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.61.
Read Our Latest Report on Valley National Bancorp
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.
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