Valley National Bancorp (NASDAQ:VLY) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Valley National Bancorp (NASDAQ:VLY) announced its earnings results on Thursday. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02), Zacks reports. Valley National Bancorp had a return on equity of 5.87% and a net margin of 9.42%. During the same quarter last year, the business earned $0.22 earnings per share.

Valley National Bancorp Price Performance

Shares of VLY opened at $9.78 on Friday. The firm has a market capitalization of $4.98 billion, a PE ratio of 15.77 and a beta of 1.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.99 and a quick ratio of 0.97. The company’s 50-day moving average is $9.75 and its 200-day moving average is $9.02. Valley National Bancorp has a fifty-two week low of $6.47 and a fifty-two week high of $11.10.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.11 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.50%. Valley National Bancorp’s dividend payout ratio is currently 70.97%.

Analyst Ratings Changes

Several research analysts have recently weighed in on VLY shares. Piper Sandler upped their price objective on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. decreased their price target on shares of Valley National Bancorp from $11.50 to $10.50 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Citigroup reduced their target price on shares of Valley National Bancorp from $10.50 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, December 31st. Stephens reissued an “overweight” rating and set a $12.50 price target on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Finally, Barclays lifted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.39.

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.