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

Valley National Bancorp (NASDAQ:VLY) declared a quarterly dividend on Wednesday, May 21st, Wall Street Journal reports. Stockholders of record on Friday, June 13th will be paid a dividend of 0.11 per share on Tuesday, July 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date is Friday, June 13th.

Valley National Bancorp has a payout ratio of 38.3% 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 Price Performance

Shares of NASDAQ:VLY opened at $8.69 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.46. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The stock’s 50 day moving average is $8.66 and its 200-day moving average is $9.38. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 12.59 and a beta of 1.05.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The firm had revenue of $479.67 million for the quarter, compared to analyst estimates of $483.98 million. During the same period in the previous year, the company earned $0.19 earnings per share. Sell-side analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VLY. Barclays decreased their price target on Valley National Bancorp from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. upped their price target on Valley National Bancorp from $10.50 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Citigroup upped their price target on Valley National Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Jefferies Financial Group began coverage on Valley National Bancorp in a report on Wednesday. They set a “hold” rating and a $10.00 price target for the company. Finally, Piper Sandler upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $11.00 price target for the company in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $10.55.

Institutional Investors Weigh In On Valley National Bancorp

Hedge funds have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 acquiring an additional 255,870 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Valley National Bancorp by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock valued at $2,508,000 after acquiring an additional 15,771 shares during the period. Focus Partners Wealth raised 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 acquiring an additional 15,761 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in Valley National Bancorp in the 1st quarter valued at about $191,000. 61.00% of the stock is currently owned by institutional investors.

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.