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

Valley National Bancorp (NASDAQ:VLY) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Friday, March 14th will be paid a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, March 14th.

Valley National Bancorp has a payout ratio of 37.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $1.15 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 38.3%.

Valley National Bancorp Price Performance

VLY traded down $0.19 during midday trading on Thursday, hitting $9.84. 5,115,490 shares of the company traded hands, compared to its average volume of 8,615,682. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 14.26 and a beta of 1.12. The business has a 50 day simple moving average of $9.64 and a two-hundred day simple moving average of $9.35. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.10.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. During the same period in the previous year, the business earned $0.22 EPS. On average, equities analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

VLY has been the subject of a number of recent research reports. Barclays raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Citigroup lifted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Stephens restated an “overweight” rating and issued a $12.50 target price on shares of Valley National Bancorp in a research report on Thursday, January 2nd. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. Finally, Piper Sandler upped their target price on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.67.

Insiders Place Their Bets

In other Valley National Bancorp news, EVP Joseph Chillura sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the transaction, the executive vice president now owns 495,249 shares of the company’s stock, valued at $5,056,492.29. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.88% of the company’s stock.

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.