Valley National Bancorp (NASDAQ:VLY) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Valley National Bancorp reported earnings of $0.28 EPS, surpassing analyst expectations of $0.26 EPS, marking an 8.5% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.11, which represents an annualized yield of 4.4% and is set to be paid on January 2nd.
• Research analysts have generally rated the stock as a "Moderate Buy", with updated price targets ranging from $12.68 to $14.00.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.02, Zacks reports. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%.During the same period in the previous year, the company posted $0.18 earnings per share. Valley National Bancorp's revenue for the quarter was up 8.5% compared to the same quarter last year.

Valley National Bancorp Trading Down 1.8%

NASDAQ:VLY traded down $0.19 during midday trading on Thursday, hitting $9.94. The stock had a trading volume of 4,974,378 shares, compared to its average volume of 9,400,699. The stock has a 50-day moving average of $10.48 and a 200 day moving average of $9.47. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 12.65 and a beta of 1.12. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.16.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.44 annualized dividend and a yield of 4.4%. Valley National Bancorp's dividend payout ratio is 56.41%.

Institutional Trading of Valley National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 purchasing an additional 15,771 shares during the period. Jones Financial Companies Lllp purchased a new position in Valley National Bancorp in the 1st quarter valued at about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Valley National Bancorp by 21.5% in 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 valued at $12,852,000 after buying an additional 255,870 shares in the last quarter. Focus Partners Wealth lifted its stake in Valley National Bancorp by 34.9% in the 1st quarter. Focus Partners Wealth now owns 60,868 shares of the company's stock valued at $541,000 after buying an additional 15,761 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in Valley National Bancorp in the 2nd quarter worth approximately $119,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on VLY. Citigroup upgraded Valley National Bancorp from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $10.00 to $13.50 in a report on Monday, September 15th. TD Cowen started coverage on Valley National Bancorp in a research note on Thursday, September 25th. They issued a "buy" rating and a $14.00 price target for the company. JPMorgan Chase & Co. raised their price target on Valley National Bancorp from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 1st. Barclays reaffirmed a "positive" rating on shares of Valley National Bancorp in a research note on Wednesday, October 8th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Valley National Bancorp in a research report on Wednesday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.68.

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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