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

Valley National Bancorp (NASDAQ:VLY) released its quarterly earnings data on Thursday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02), Zacks reports. Valley National Bancorp had a net margin of 9.42% and a return on equity of 5.87%. During the same period last year, the business earned $0.22 earnings per share.

Valley National Bancorp Stock Down 0.2 %

Shares of NASDAQ:VLY opened at $9.78 on Friday. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.10. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average price is $9.75 and its 200-day moving average price is $9.02. The stock has a market capitalization of $4.98 billion, a P/E ratio of 15.77 and a beta of 1.12.

Valley National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a dividend of $0.11 per share. The ex-dividend date was Friday, December 13th. This represents a $0.44 annualized dividend and a yield of 4.50%. Valley National Bancorp’s payout ratio is 70.97%.

Wall Street Analyst Weigh In

VLY has been the topic of several recent research reports. Royal Bank of Canada lifted their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Wedbush reissued a “neutral” rating and set a $10.00 price objective on shares of Valley National Bancorp in a research report on Friday, October 25th. Piper Sandler lifted their price target on shares of Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Morgan Stanley lifted their price target on Valley National Bancorp from $9.50 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, StockNews.com downgraded Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.39.

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.