Valley National Bancorp (NASDAQ:VLY) Trading Down 4.4% After Earnings Miss

Valley National Bancorp (NASDAQ:VLY)’s share price traded down 4.4% on Friday following a dissappointing earnings announcement. The stock traded as low as $7.42 and last traded at $7.43. 1,559,110 shares were traded during mid-day trading, a decline of 75% from the average session volume of 6,188,353 shares. The stock had previously closed at $7.77.

The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The business had revenue of $890.07 million for the quarter, compared to analysts’ expectations of $447.38 million. Valley National Bancorp had a net margin of 12.88% and a return on equity of 7.74%. During the same period last year, the business posted $0.30 EPS.

Valley National Bancorp Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently commented on VLY. Royal Bank of Canada reduced their target price on shares of Valley National Bancorp from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, April 9th. JPMorgan Chase & Co. reduced their target price on shares of Valley National Bancorp from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, April 4th. Morgan Stanley upped their price objective on shares of Valley National Bancorp from $8.50 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, February 7th. Barclays initiated coverage on shares of Valley National Bancorp in a report on Friday, March 8th. They issued an “underweight” rating and a $8.00 price objective for the company. Finally, StockNews.com lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $9.33.

Insider Activity at Valley National Bancorp

In other Valley National Bancorp news, EVP Joseph Chillura sold 49,715 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $8.18, for a total value of $406,668.70. Following the sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $4,460,136.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. GAMMA Investing LLC acquired a new position in shares of Valley National Bancorp in the 4th quarter valued at $35,000. Wolverine Asset Management LLC purchased a new stake in Valley National Bancorp in the 4th quarter worth about $40,000. Simplicity Wealth LLC purchased a new stake in Valley National Bancorp in the 1st quarter worth about $92,000. Stratos Wealth Partners LTD. purchased a new stake in Valley National Bancorp in the 3rd quarter worth about $93,000. Finally, Jump Financial LLC purchased a new stake in Valley National Bancorp in the 3rd quarter worth about $93,000. Institutional investors own 61.00% of the company’s stock.

Valley National Bancorp Stock Performance

The firm has a 50 day moving average of $7.81 and a 200-day moving average of $8.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 1.00. The stock has a market capitalization of $3.73 billion, a PE ratio of 8.61 and a beta of 1.09.

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.