Valley National Bancorp (NASDAQ:VLY) Releases Earnings Results, Meets Expectations

Valley National Bancorp (NASDAQ:VLY) issued its earnings results on Thursday. The company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30, MarketWatch Earnings reports. The company had revenue of $344.03 million during the quarter, compared to the consensus estimate of $337.63 million. Valley National Bancorp had a net margin of 27.49% and a return on equity of 9.78%. Valley National Bancorp’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.23 EPS.

VLY opened at $13.00 on Friday. The firm’s 50-day moving average is $13.68. Valley National Bancorp has a 52 week low of $6.50 and a 52 week high of $14.74. The company has a market cap of $5.28 billion, a P/E ratio of 12.58 and a beta of 1.27. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.01 and a quick ratio of 1.00.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 1st. Shareholders of record on Tuesday, June 15th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Monday, June 14th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 45.83%.

Several research analysts recently weighed in on VLY shares. Morgan Stanley upped their target price on shares of Valley National Bancorp from $14.75 to $15.25 and gave the stock an “equal weight” rating in a report on Tuesday, May 4th. Hovde Group downgraded shares of Valley National Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 7th. Citigroup upped their target price on shares of Valley National Bancorp from $9.00 to $12.00 in a report on Wednesday, April 14th. Finally, Zacks Investment Research downgraded shares of Valley National Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, April 1st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Valley National Bancorp currently has an average rating of “Hold” and a consensus price target of $11.79.

Valley National Bancorp Company Profile

Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending; Commercial Lending; Investment Management; and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.

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Earnings History for Valley National Bancorp (NASDAQ:VLY)

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