Valley National Bancorp (NASDAQ:VLY) Posts Quarterly Earnings Results, Hits Estimates

Valley National Bancorp (NASDAQ:VLY) issued its quarterly earnings results on Thursday. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18, Briefing.com reports. Valley National Bancorp had a return on equity of 6.53% and a net margin of 10.79%. During the same period last year, the firm earned $0.26 EPS.

Valley National Bancorp Stock Up 5.3 %

Shares of VLY opened at $9.60 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The firm has a market cap of $4.89 billion, a P/E ratio of 13.52 and a beta of 1.08. The company’s 50-day moving average price is $8.76 and its 200 day moving average price is $7.88. Valley National Bancorp has a 12-month low of $6.47 and a 12-month high of $11.22.

Valley National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date of this dividend was Friday, September 13th. Valley National Bancorp’s payout ratio is 61.97%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on VLY. Morgan Stanley upped their target price on shares of Valley National Bancorp from $9.50 to $10.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Keefe, Bruyette & Woods raised their target price on shares of Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Wedbush upped their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. increased their price target on Valley National Bancorp from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Finally, StockNews.com cut Valley National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp currently has an average rating of “Hold” and an average price target of $8.88.

Valley National Bancorp Company Profile

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.