Valley National Bancorp Announces Quarterly Dividend of $0.11 (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Investors of record on Friday, December 13th will be given a dividend of 0.11 per share on Thursday, January 2nd. This represents a $0.44 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend is Friday, December 13th.

Valley National Bancorp has a payout ratio of 47.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Valley National Bancorp to earn $0.91 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 48.4%.

Valley National Bancorp Stock Down 0.8 %

Shares of VLY stock traded down $0.08 during mid-day trading on Wednesday, hitting $10.11. 168,904 shares of the stock traded hands, compared to its average volume of 6,137,063. The stock’s fifty day moving average is $9.28 and its two-hundred day moving average is $8.18. The stock has a market cap of $5.15 billion, a P/E ratio of 16.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $921.22 million during the quarter, compared to analysts’ expectations of $467.87 million. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter in the previous year, the firm posted $0.26 EPS. Equities analysts predict that Valley National Bancorp will post 0.66 EPS for the current year.

Analyst Upgrades and Downgrades

VLY has been the subject of several research analyst reports. Barclays upgraded shares of Valley National Bancorp from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $9.00 to $10.00 in a research report on Thursday, October 31st. Wedbush reaffirmed a “neutral” rating and issued a $10.00 target price on shares of Valley National Bancorp in a research report on Friday, October 25th. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. raised shares of Valley National Bancorp from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $10.50 to $11.00 in a research report on Monday, November 11th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus price target of $9.88.

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.