Valley National Bancorp (NASDAQ:VLY) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Valley National Bancorp beat quarterly earnings estimates: EPS was $0.36 versus the $0.33 consensus, while revenue reached $581.1 million, above expectations of $577.82 million. EPS also increased from $0.28 in the year-ago quarter.
• The company declared a quarterly dividend of $0.11 per share, equivalent to $0.44 annually and a 3.4% yield, with a payout ratio of 37.29%.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $16.27 compared with the stock’s $13.02 opening price.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03, FiscalAI reports. Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%. The business had revenue of $581.10 million during the quarter, compared to the consensus estimate of $577.82 million. During the same period last year, the company earned $0.28 earnings per share.

Valley National Bancorp Stock Up 1.0%

NASDAQ:VLY opened at $13.02 on Thursday. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 11.03 and a beta of 1.07. Valley National Bancorp has a twelve month low of $9.71 and a twelve month high of $15.20. The stock's 50 day moving average price is $13.46 and its two-hundred day moving average price is $13.78. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, December 15th. Valley National Bancorp's dividend payout ratio (DPR) is currently 37.29%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Royal Bank Of Canada restated an "outperform" rating and issued a $17.00 target price on shares of Valley National Bancorp in a research note on Tuesday, September 29th. Morgan Stanley decreased their price target on shares of Valley National Bancorp from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Monday, September 28th. Truist Financial lifted their price objective on shares of Valley National Bancorp from $15.50 to $16.50 and gave the company a "buy" rating in a report on Friday, July 10th. National Bank Financial set a $15.50 price objective on shares of Valley National Bancorp in a report on Thursday, October 1st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Valley National Bancorp from $17.00 to $15.50 and set an "overweight" rating on the stock in a research report on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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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