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

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

Valley National Bancorp Stock Down 5.8 %

VLY traded down $0.45 during mid-day trading on Friday, reaching $7.32. 7,044,627 shares of the stock were exchanged, compared to its average volume of 6,258,374. Valley National Bancorp has a 1 year low of $6.39 and a 1 year high of $11.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $3.73 billion, a PE ratio of 8.02 and a beta of 1.09. The company has a 50 day moving average price of $7.84 and a two-hundred day moving average price of $8.82.

Valley National Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have commented on VLY shares. Keefe, Bruyette & Woods lowered their target price on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, January 26th. Wedbush dropped their price objective on shares of Valley National Bancorp from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday. Morgan Stanley boosted their target price on shares of Valley National Bancorp from $8.50 to $9.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 7th. Royal Bank of Canada dropped their price target on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, April 9th. Finally, Barclays assumed coverage on Valley National Bancorp in a report on Friday, March 8th. They set an “underweight” rating and a $8.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Valley National Bancorp currently has a consensus rating of “Hold” and a consensus target price of $9.33.

Insider Activity at Valley National Bancorp

In other news, EVP Joseph Chillura sold 49,715 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the transaction, the executive vice president now owns 545,249 shares in the company, valued at approximately $4,460,136.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.88% of the stock is owned by insiders.

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.