Valley National Bancorp (NASDAQ:VLY) Announces Earnings Results, Misses Estimates By $0.01 EPS

Valley National Bancorp (NASDAQ:VLY) posted its quarterly earnings data on Thursday. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01), Briefing.com reports. The business had revenue of $890.07 million for the quarter, compared to the consensus estimate of $447.38 million. Valley National Bancorp had a net margin of 14.82% and a return on equity of 8.67%. During the same quarter last year, the business posted $0.30 EPS.

Valley National Bancorp Stock Down 5.8 %

VLY stock traded down $0.45 during trading on Friday, hitting $7.32. 7,038,135 shares of the stock traded hands, compared to its average volume of 6,258,373. Valley National Bancorp has a 1 year low of $6.39 and a 1 year high of $11.22. The firm’s 50 day moving average is $7.84 and its two-hundred day moving average is $8.82. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 8.02 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99.

Valley National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Thursday, March 14th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.01%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio is presently 46.32%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a research note on Friday, January 26th. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, February 16th. Royal Bank of Canada decreased their target price on Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, April 9th. TheStreet lowered Valley National Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, February 27th. Finally, Morgan Stanley boosted their target price on Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a research note on Wednesday, February 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.33.

Insider Transactions at Valley National Bancorp

In related news, EVP Joseph Chillura sold 49,715 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $8.18, for a total value of $406,668.70. Following the completion of the transaction, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $4,460,136.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company 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.