Valley National Bancorp (VLY) Plans $0.11 Quarterly Dividend
Valley National Bancorp (NYSE:VLY) declared a quarterly dividend on Tuesday, August 14th, Zacks reports. Stockholders of record on Friday, September 14th will be given a dividend of 0.11 per share by the financial services provider on Tuesday, October 2nd. This represents a $0.44 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Thursday, September 13th.
Valley National Bancorp has a payout ratio of 51.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Valley National Bancorp to earn $1.03 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 42.7%.
NYSE VLY traded up $0.06 during mid-day trading on Friday, reaching $12.09. The stock had a trading volume of 1,542,772 shares, compared to its average volume of 1,184,493. Valley National Bancorp has a 1 year low of $10.68 and a 1 year high of $13.38. The firm has a market cap of $3.99 billion, a P/E ratio of 17.52 and a beta of 0.86. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.70.
In related news, EVP Ronald H. Janis bought 10,000 shares of the business’s stock in a transaction on Tuesday, July 31st. The stock was acquired at an average price of $11.64 per share, with a total value of $116,400.00. Following the transaction, the executive vice president now owns 37,878 shares in the company, valued at approximately $440,899.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.45% of the company’s stock.
VLY has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 15th. Sandler O’Neill restated a “buy” rating and issued a $14.00 price objective on shares of Valley National Bancorp in a report on Friday, July 27th. ValuEngine upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Morgan Stanley decreased their price objective on shares of Valley National Bancorp from $14.25 to $13.75 and set an “equal weight” rating for the company in a report on Tuesday, July 31st. Finally, Citigroup initiated coverage on shares of Valley National Bancorp in a report on Monday, June 18th. They issued a “neutral” rating and a $14.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average 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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