Valley National Bancorp (NASDAQ:VLY) Posts Earnings Results, Misses Estimates By $0.01 EPS

Valley National Bancorp (NASDAQ:VLY) announced its quarterly earnings data on Thursday. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01), Briefing.com reports. Valley National Bancorp had a net margin of 14.82% and a return on equity of 8.67%. The firm had revenue of $890.07 million during the quarter, compared to the consensus estimate of $447.38 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share.

Valley National Bancorp Trading Down 5.8 %

Shares of NASDAQ VLY traded down $0.45 during trading hours on Friday, hitting $7.32. 7,034,616 shares of the company traded hands, compared to its average volume of 6,258,330. The company’s 50 day moving average price is $7.84 and its 200 day moving average price is $8.82. Valley National Bancorp has a 12 month low of $6.39 and a 12 month high of $11.22. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 8.02 and a beta of 1.09.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 6.01%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio is currently 46.32%.

Insiders Place Their Bets

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the sale, the executive vice president now owns 545,249 shares of the company’s stock, valued at $4,460,136.82. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.88% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Barclays initiated coverage on Valley National Bancorp in a research note on Friday, March 8th. They issued an “underweight” rating and a $8.00 price objective on the stock. Royal Bank of Canada decreased their price objective on shares of Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 9th. Citigroup cut their target price on Valley National Bancorp from $11.00 to $8.50 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Morgan Stanley upped their target price on Valley National Bancorp from $8.50 to $9.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 7th. Finally, StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $9.33.

Valley National Bancorp Company Profile

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.