Valley National Bancorp (NASDAQ:VLY) Announces Earnings Results, Misses Estimates By $0.07 EPS

Valley National Bancorp (NASDAQ:VLY) released its earnings results on Thursday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. The firm had revenue of $884.68 million during the quarter, compared to analyst estimates of $458.67 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period in the prior year, the firm earned $0.28 earnings per share.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock traded up $0.16 on Friday, reaching $8.23. 6,238,734 shares of the stock were exchanged, compared to its average volume of 6,400,001. The firm has a market capitalization of $4.19 billion, a PE ratio of 9.68 and a beta of 1.08. Valley National Bancorp has a 1-year low of $6.47 and a 1-year high of $11.22. The business has a fifty day moving average price of $7.14 and a two-hundred day moving average price of $7.90. The company has a current ratio of 0.99, a quick ratio of 1.00 and a debt-to-equity ratio of 0.51.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Thursday, June 13th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 5.35%. The ex-dividend date was Thursday, June 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on VLY shares. Royal Bank of Canada increased their price target on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday. Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday. Barclays cut their target price on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. StockNews.com raised Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Finally, JPMorgan Chase & Co. cut their price target on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.61.

Insider Activity at Valley National Bancorp

In other news, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the completion of the sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at approximately $3,582,285.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Andrew B. Abramson sold 16,451 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the sale, the director now owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $6.57, for a total value of $65,700.00. Following the completion of the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The disclosure for this sale can be found here. Insiders sold a total of 51,451 shares of company stock worth $378,452 over the last 90 days. Company insiders own 1.88% of the company’s stock.

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.