Valley National Bancorp (NASDAQ:VLY - Get Free Report)'s stock price was down 4.4% during trading on Friday following a dissappointing earnings announcement. The stock traded as low as $7.42 and last traded at $7.43. Approximately 1,559,110 shares traded hands during trading, a decline of 75% from the average daily volume of 6,188,353 shares. The stock had previously closed at $7.77.
The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01). Valley National Bancorp had a return on equity of 8.67% and a net margin of 14.82%. The firm had revenue of $890.07 million during the quarter, compared to analyst estimates of $447.38 million. During the same period in the previous year, the company earned $0.30 earnings per share.
Valley National Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Thursday, March 14th were issued a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.44 annualized dividend and a yield of 6.01%. Valley National Bancorp's dividend payout ratio (DPR) is 46.32%.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the company. TheStreet downgraded Valley National Bancorp from a "b-" rating to a "c+" rating in a report on Tuesday, February 27th. JPMorgan Chase & Co. decreased their price objective on shares of Valley National Bancorp from $12.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, April 4th. Barclays began coverage on shares of Valley National Bancorp in a research report on Friday, March 8th. They issued an "underweight" rating and a $8.00 price objective for the company. Keefe, Bruyette & Woods reduced their target price 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. Finally, Morgan Stanley lifted their price objective on shares of Valley National Bancorp from $8.50 to $9.00 and gave the stock an "underweight" rating in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $9.33.
Get Our Latest Research Report on VLY
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 stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the transaction, the executive vice president now directly owns 545,249 shares of the company's stock, valued at approximately $4,460,136.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.88% of the company's stock.
Hedge Funds Weigh In On Valley National Bancorp
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC purchased a new stake in shares of Valley National Bancorp during the 4th quarter valued at about $35,000. Wolverine Asset Management LLC purchased a new stake in shares of Valley National Bancorp in the 4th quarter valued at approximately $40,000. Stratos Wealth Partners LTD. acquired a new position in Valley National Bancorp in the third quarter valued at approximately $93,000. Jump Financial LLC acquired a new stake in Valley National Bancorp during the third quarter worth $93,000. Finally, Simplicity Wealth LLC purchased a new stake in Valley National Bancorp in the first quarter valued at $92,000. Institutional investors own 61.00% of the company's stock.
Valley National Bancorp Trading Down 5.8 %
The company has a 50 day moving average price of $7.84 and a 200 day moving average price of $8.82. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 8.02 and a beta of 1.09.
About Valley National Bancorp
(
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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.
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