Valley National Bancorp (NASDAQ:VLY – Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03, FiscalAI reports. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The firm had revenue of $581.10 million during the quarter, compared to analysts’ expectations of $577.82 million. During the same quarter last year, the company posted $0.28 earnings per share.
Valley National Bancorp Stock Performance
VLY opened at $13.02 on Thursday. The business has a fifty day simple moving average of $13.46 and a 200 day simple moving average of $13.78. The company has a market capitalization of $7.19 billion, a PE ratio of 11.03 and a beta of 1.07. Valley National Bancorp has a 1 year low of $9.71 and a 1 year high of $15.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.96 and a quick ratio of 0.96.
Valley National Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $0.44 annualized dividend and a yield of 3.4%. Valley National Bancorp’s payout ratio is 37.29%.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. dropped their target price on shares of Valley National Bancorp from $17.00 to $15.50 and set an “overweight” rating on the stock in a report on Thursday, October 1st. Cantor Fitzgerald boosted their price target on Valley National Bancorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. National Bank Financial set a $15.50 target price on Valley National Bancorp in a report on Thursday, October 1st. Finally, Piper Sandler increased their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.27.
Read Our Latest Stock Analysis on Valley National Bancorp
About Valley National Bancorp
Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional bank headquartered in Wayne, New Jersey. The company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities through a network of branches and digital banking channels.
Valley National Bank offers deposit accounts, residential and commercial real estate lending, business loans, consumer loans, mortgage banking, treasury management and other commercial banking services.
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