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

Key Points

• Valley National Bancorp reported quarterly earnings of $0.23 EPS, exceeding estimates of $0.22 EPS by $0.01.
• Revenue for the quarter was $495.01 million, a 9.3% increase from the same quarter last year, although it fell slightly short of analyst estimates of $495.79 million.
• The company declared a quarterly dividend of $0.11 with a dividend yield of 4.67%, and the dividend payout ratio currently stands at 56.41%.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01, Zacks reports. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. The business had revenue of $495.01 million for the quarter, compared to analyst estimates of $495.79 million. During the same period last year, the company earned $0.13 EPS. Valley National Bancorp's revenue for the quarter was up 9.3% compared to the same quarter last year.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY traded down $0.10 during mid-day trading on Friday, reaching $9.43. The stock had a trading volume of 6,059,399 shares, compared to its average volume of 9,314,302. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a market cap of $5.28 billion, a P/E ratio of 12.09 and a beta of 1.06. Valley National Bancorp has a 1 year low of $7.18 and a 1 year high of $11.10. The business's 50 day moving average price is $9.07 and its 200 day moving average price is $9.11.

Valley National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.67%. Valley National Bancorp's dividend payout ratio is currently 56.41%.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp purchased a new stake in Valley National Bancorp during the first quarter valued at approximately $191,000. Focus Partners Wealth raised its holdings in shares of Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock worth $541,000 after buying an additional 15,761 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Valley National Bancorp by 5.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company's stock worth $2,508,000 after buying an additional 15,771 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Valley National Bancorp by 21.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company's stock worth $12,852,000 after buying an additional 255,870 shares during the period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VLY. Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Truist Financial upgraded Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research note on Friday. Jefferies Financial Group initiated coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 target price for the company. Royal Bank Of Canada raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Wall Street Zen upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Valley National Bancorp currently has an average rating of "Moderate Buy" and an average target price of $10.73.

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.

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