Valley National Bancorp (NASDAQ:VLY) Plans Quarterly Dividend of $0.11

Valley National Bancorp (NASDAQ:VLY - Get Free Report) declared a quarterly dividend on Tuesday, July 22nd, RTT News reports. Stockholders of record on Monday, September 15th will be paid a dividend of 0.11 per share on Wednesday, October 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend is Monday, September 15th.

Valley National Bancorp has a payout ratio of 38.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Valley National Bancorp to earn $1.15 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 38.3%.

Valley National Bancorp Trading Down 1.0%

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

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The firm's revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.13 EPS. As a group, analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Valley National Bancorp

A number of large investors have recently bought and sold shares of VLY. Jones Financial Companies Lllp purchased a new stake in shares of Valley National Bancorp during the first quarter worth about $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 last quarter. 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 last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Valley National Bancorp by 21.5% during 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. Institutional investors own 61.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Jefferies Financial Group assumed coverage on shares of Valley National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price for the company. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a report on Friday. Finally, Barclays restated an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $10.73.

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.