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

Valley National Bancorp (NASDAQ:VLY) posted its quarterly earnings data on Thursday. The company reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18, Briefing.com reports. The firm had revenue of $921.22 million for the quarter, compared to analyst estimates of $467.87 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period last year, the firm posted $0.26 EPS.

Valley National Bancorp Price Performance

Valley National Bancorp stock opened at $9.27 on Friday. The firm’s 50-day moving average is $8.77 and its two-hundred day moving average is $7.89. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $4.72 billion, a P/E ratio of 10.91 and a beta of 1.08. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22.

Valley National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.44 dividend on an annualized basis and a yield of 4.75%. Valley National Bancorp’s dividend payout ratio (DPR) is 51.76%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on VLY shares. Morgan Stanley boosted their price target on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Piper Sandler boosted their target price on Valley National Bancorp from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday. StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Royal Bank of Canada increased their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods raised their target price on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $9.63.

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.