Valley National Bancorp (VLY) to Issue $0.11 Quarterly Dividend
Valley National Bancorp (NYSE:VLY) declared a quarterly dividend on Friday, November 16th, Wall Street Journal reports. Shareholders of record on Friday, December 14th will be given a dividend of 0.11 per share by the financial services provider on Wednesday, January 2nd. This represents a $0.44 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend is Thursday, December 13th.
Valley National Bancorp has a dividend payout ratio of 51.8% meaning its dividend is sufficiently covered by earnings.
NYSE:VLY opened at $10.09 on Friday. Valley National Bancorp has a 12-month low of $9.32 and a 12-month high of $13.38.
A number of research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, November 21st. TheStreet lowered shares of Valley National Bancorp from a “b” rating to a “c+” rating in a report on Friday, November 9th. Finally, ValuEngine lowered shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. Valley National Bancorp currently has an average rating of “Hold” and a consensus price target of $13.97.
In other news, Director Gerald Korde sold 3,000 shares of the stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $10.03, for a total transaction of $30,090.00. Following the transaction, the director now directly owns 659,111 shares in the company, valued at approximately $6,610,883.33. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.45% of the company’s stock.
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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