Valley National Bancorp (NASDAQ:VLY) Issues Earnings Results

Valley National Bancorp (NASDAQ:VLY) 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

In other Valley National Bancorp news, EVP Joseph Chillura sold 10,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $6.57, for a total value of $65,700.00. Following the sale, the executive vice president now directly owns 545,249 shares in the company, valued at approximately $3,582,285.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Andrew B. Abramson sold 16,451 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $7.72, for a total value of $127,001.72. Following the transaction, the director now owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph Chillura sold 10,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $6.57, for a total transaction of $65,700.00. Following the completion of the transaction, the executive vice president now directly owns 545,249 shares in the company, valued at approximately $3,582,285.93. The disclosure for this sale can be found here. Insiders have sold 51,451 shares of company stock worth $378,452 in the last three months. 1.88% of the stock is currently owned by corporate insiders.

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.

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.