Valley National Bancorp (NASDAQ:VLY) Releases Quarterly Earnings Results, Beats Expectations 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) issued its earnings results on Thursday. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $495.79 million. During the same period last year, the company earned $0.13 EPS. The company's revenue for the quarter was up 9.3% on a year-over-year basis.

Valley National Bancorp Stock Down 0.9%

VLY stock traded down $0.09 during midday trading on Wednesday, hitting $9.39. 9,828,514 shares of the company's stock were exchanged, compared to its average volume of 9,230,240. Valley National Bancorp has a 12-month low of $7.18 and a 12-month high of $11.10. 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 stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 12.04 and a beta of 1.06. The firm has a 50 day moving average price of $9.09 and a 200-day moving average price of $9.12.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.44 annualized dividend and a yield of 4.69%. Valley National Bancorp's dividend payout ratio is presently 56.41%.

Institutional Investors Weigh In On Valley National Bancorp

A number of institutional investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Valley National Bancorp by 21.5% during the 1st 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 acquiring an additional 255,870 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Valley National Bancorp by 5.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company's stock worth $2,508,000 after acquiring an additional 15,771 shares during the period. Focus Partners Wealth boosted its position in Valley National Bancorp by 34.9% during the 1st quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock worth $541,000 after acquiring an additional 15,761 shares during the period. Finally, Jones Financial Companies Lllp acquired a new position in Valley National Bancorp during the 1st quarter worth $191,000. 61.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group assumed coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price for the company. 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 report on Friday, July 25th. 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 report on Friday, July 25th. Wall Street Zen upgraded Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Barclays reiterated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $10.95.

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.