Valley National Bancorp (NASDAQ:VLY) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Valley National Bancorp (NASDAQ:VLY) posted its earnings results on Thursday. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01), Briefing.com reports. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. The firm had revenue of $890.07 million during the quarter, compared to analysts’ expectations of $447.38 million. During the same period in the previous year, the firm posted $0.30 earnings per share.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $7.32 on Friday. The business’s fifty day moving average price is $7.81 and its two-hundred day moving average price is $8.81. The stock has a market cap of $3.73 billion, a PE ratio of 8.61 and a beta of 1.09. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 1.00. Valley National Bancorp has a one year low of $6.39 and a one year high of $11.22.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Thursday, March 14th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.01%. The ex-dividend date of this dividend was Wednesday, March 13th. Valley National Bancorp’s dividend payout ratio (DPR) is presently 51.76%.

Insider Transactions at Valley National Bancorp

In other 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 transaction of $406,668.70. Following the sale, the executive vice president now owns 545,249 shares in the company, valued at $4,460,136.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Barclays assumed coverage on Valley National Bancorp in a report on Friday, March 8th. They issued an “underweight” rating and a $8.00 target price for the company. Wedbush reduced their price objective on Valley National Bancorp from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday. StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, February 16th. TheStreet downgraded Valley National Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, February 27th. Finally, Keefe, Bruyette & Woods lowered their price target on Valley National Bancorp from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Valley National Bancorp has a consensus rating of “Hold” and a consensus price target of $9.33.

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.