Valley National Bancorp (VLY) Announces Quarterly Earnings Results

Valley National Bancorp (NYSE:VLY) announced its earnings results on Thursday. The financial services provider reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02), MarketWatch Earnings reports. Valley National Bancorp had a return on equity of 8.56% and a net margin of 16.35%. The business had revenue of $245.84 million for the quarter, compared to the consensus estimate of $252.55 million.

NYSE:VLY traded up $0.11 during mid-day trading on Friday, reaching $9.71. The stock had a trading volume of 1,726,641 shares, compared to its average volume of 2,347,594. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 14.07 and a beta of 0.88. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.96 and a quick ratio of 0.96. Valley National Bancorp has a 12 month low of $9.32 and a 12 month high of $13.38.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 2nd. Stockholders of record on Friday, September 14th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.44 annualized dividend and a dividend yield of 4.53%. Valley National Bancorp’s dividend payout ratio is presently 63.77%.



In other news, EVP Ronald H. Janis acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The shares were acquired at an average cost of $11.64 per share, with a total value of $116,400.00. Following the completion of the purchase, the executive vice president now directly owns 37,878 shares of the company’s stock, valued at approximately $440,899.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.45% of the company’s stock.

Several research analysts have recently commented on the stock. ValuEngine cut shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 31st. Royal Bank of Canada reaffirmed a “buy” rating and set a $13.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Morgan Stanley lowered their target price on shares of Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating on the stock in a report on Tuesday, July 31st. Sandler O’Neill reaffirmed a “buy” rating and set a $14.00 target price on shares of Valley National Bancorp in a report on Friday, July 27th. Finally, Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $13.97.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.

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Earnings History for Valley National Bancorp (NYSE:VLY)

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