Valley National Bancorp (VLY) to Issue Quarterly Dividend of $0.11 on July 3rd

Valley National Bancorp (NASDAQ:VLY – Get Rating) declared a quarterly dividend on Tuesday, May 23rd, Zacks reports. Investors of record on Thursday, June 15th will be given a dividend of 0.11 per share on Monday, July 3rd. This represents a $0.44 dividend on an annualized basis and a yield of 5.77%. The ex-dividend date is Wednesday, June 14th.

Valley National Bancorp has raised its dividend payment by an average of 7.7% per year over the last three years. Valley National Bancorp has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Valley National Bancorp to earn $1.21 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 36.4%.

Valley National Bancorp Price Performance

Shares of NASDAQ VLY opened at $7.63 on Thursday. The stock’s 50-day moving average is $8.06 and its two-hundred day moving average is $9.91. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $3.88 billion, a price-to-earnings ratio of 6.69 and a beta of 1.08. Valley National Bancorp has a 1-year low of $6.39 and a 1-year high of $13.07.

Valley National Bancorp (NASDAQ:VLY – Get Rating) last released its earnings results on Thursday, April 27th. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.03). Valley National Bancorp had a return on equity of 11.15% and a net margin of 23.22%. The firm had revenue of $490.30 million for the quarter, compared to analysts’ expectations of $520.58 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. Analysts forecast that Valley National Bancorp will post 1.2 EPS for the current fiscal year.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, Director Marc J. Lenner bought 5,000 shares of Valley National Bancorp stock in a transaction dated Tuesday, March 14th. The stock was acquired at an average cost of $10.93 per share, with a total value of $54,650.00. Following the completion of the acquisition, the director now owns 93,670 shares of the company’s stock, valued at $1,023,813.10. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Suresh L. Sani acquired 4,416 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were purchased at an average cost of $15.70 per share, for a total transaction of $69,331.20. Following the transaction, the director now directly owns 4,416 shares in the company, valued at approximately $69,331.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Marc J. Lenner acquired 5,000 shares of the company’s stock in a transaction on Tuesday, March 14th. The stock was purchased at an average cost of $10.93 per share, for a total transaction of $54,650.00. Following the completion of the purchase, the director now directly owns 93,670 shares in the company, valued at approximately $1,023,813.10. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 14,127 shares of company stock worth $195,783. Insiders own 1.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Valley National Bancorp by 153.8% in the 1st quarter. Wellington Management Group LLP now owns 8,869,091 shares of the company’s stock valued at $115,476,000 after purchasing an additional 5,374,624 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Valley National Bancorp by 2,232.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,936,902 shares of the company’s stock valued at $55,836,000 after buying an additional 4,725,214 shares during the period. Norges Bank acquired a new position in Valley National Bancorp during the fourth quarter worth $47,062,000. State Street Corp grew its stake in shares of Valley National Bancorp by 12.9% during the 1st quarter. State Street Corp now owns 21,108,081 shares of the company’s stock worth $197,145,000 after purchasing an additional 2,404,722 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of Valley National Bancorp by 2.5% in the 1st quarter. BlackRock Inc. now owns 63,831,169 shares of the company’s stock valued at $589,800,000 after purchasing an additional 1,586,339 shares in the last quarter. 54.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on VLY shares. Morgan Stanley decreased their price target on Valley National Bancorp from $13.00 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday, April 5th. TheStreet downgraded Valley National Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, May 16th. Raymond James lowered shares of Valley National Bancorp from a “strong-buy” rating to a “market perform” rating in a research note on Monday, May 1st. Keefe, Bruyette & Woods lowered their target price on shares of Valley National Bancorp from $15.50 to $14.50 and set an “outperform” rating for the company in a report on Thursday, April 6th. Finally, StockNews.com assumed coverage on shares of Valley National Bancorp in a research report on Thursday, May 18th. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of “Hold” and an average target price of $12.08.

About Valley National Bancorp

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Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.