Valley National Bancorp (NASDAQ:VLY) Shareholders to Get $0.11 Quarterly Dividend

Key Points

• Valley National Bancorp declared a quarterly dividend of $0.11 per share, payable January 4 to shareholders of record on December 15. The annualized dividend is $0.44 per share, representing a 3.4% yield.
• The dividend appears well covered, with a current payout ratio of 38.6%; analysts expect next year’s earnings to support an estimated payout ratio of 28.9%.
• Analysts maintain a generally positive view of the stock, with a consensus rating of “Moderate Buy” and an average price target of $16.27, versus a recent trading price of $12.93.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) announced a quarterly dividend on Tuesday, October 20th. Investors of record on Tuesday, December 15th will be paid a dividend of $0.11 per share on Monday, January 4th. This represents a $0.44 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, December 15th.

Valley National Bancorp has a payout ratio of 38.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $1.52 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 28.9%.

Valley National Bancorp Trading Up 0.3%

VLY stock traded up $0.04 during mid-day trading on Wednesday, reaching $12.93. 2,025,300 shares of the stock traded hands, compared to its average volume of 7,081,237. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. Valley National Bancorp has a one year low of $9.71 and a one year high of $15.20. The stock has a market capitalization of $7.14 billion, a PE ratio of 10.95 and a beta of 1.07. The business has a 50-day moving average price of $13.50 and a two-hundred day moving average price of $13.78.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 earnings per share. Equities research analysts expect that Valley National Bancorp will post 1.27 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Piper Sandler upped their price objective on Valley National Bancorp from $16.00 to $16.50 and gave the company an "overweight" rating in a research report on Friday, June 26th. National Bank Financial set a $15.50 price target on shares of Valley National Bancorp in a research note on Thursday, October 1st. Cantor Fitzgerald lifted their price objective on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods upped their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock a "market perform" rating in a research note on Tuesday, October 6th. Finally, Barclays raised their target price on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $16.27.

Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional bank headquartered in Wayne, New Jersey. The company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities through a network of branches and digital banking channels.

Valley National Bank offers deposit accounts, residential and commercial real estate lending, business loans, consumer loans, mortgage banking, treasury management and other commercial banking services.

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