Valley National Bancorp (NASDAQ:VLY) Shareholders Set to Receive $0.11 Quarterly Dividend

Valley National Bancorp (NASDAQ:VLY) announced a quarterly dividend on Tuesday, October 20th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.11 per share on Monday, January 4th. This represents a $0.44 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, December 15th.

Valley National Bancorp has a payout ratio of 38.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $1.52 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 28.9%.

Valley National Bancorp Stock Up 0.4%

Shares of VLY stock traded up $0.06 during trading hours on Wednesday, reaching $12.95. The company had a trading volume of 2,155,766 shares, compared to its average volume of 7,081,889. The company has a market capitalization of $7.15 billion, a P/E ratio of 10.97 and a beta of 1.07. Valley National Bancorp has a twelve month low of $9.71 and a twelve month high of $15.20. The stock’s fifty day simple moving average is $13.50 and its 200 day simple moving average is $13.78. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96.

Valley National Bancorp (NASDAQ:VLY) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The firm had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $557.16 million. Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 EPS. As a group, sell-side analysts expect that Valley National Bancorp will post 1.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. UBS Group set a $17.00 target price on Valley National Bancorp in a research note on Tuesday, July 7th. Truist Financial upped their price objective on Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research note on Friday, July 10th. Piper Sandler boosted their price objective on Valley National Bancorp from $16.00 to $16.50 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods boosted their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 6th. Finally, Weiss Ratings raised Valley National Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.27.

Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional bank headquartered in Wayne, New Jersey. The company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities through a network of branches and digital banking channels.

Valley National Bank offers deposit accounts, residential and commercial real estate lending, business loans, consumer loans, mortgage banking, treasury management and other commercial banking services.