Valley National Bancorp to Issue Quarterly Dividend of $0.11 (NASDAQ:VLY)

Valley National Bancorp (NASDAQ:VLY - Get Free Report) announced a quarterly dividend on Wednesday, February 19th, Wall Street Journal reports. Investors of record on Friday, March 14th will be paid a dividend of 0.11 per share on Tuesday, April 1st. This represents a $0.44 annualized dividend and a yield of 4.64%. The ex-dividend date is Friday, March 14th.

Valley National Bancorp has a dividend payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Valley National Bancorp to earn $1.15 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 38.3%.

Valley National Bancorp Stock Performance

NASDAQ:VLY traded down $0.04 during mid-day trading on Monday, hitting $9.49. The stock had a trading volume of 6,697,342 shares, compared to its average volume of 8,546,453. Valley National Bancorp has a twelve month low of $6.47 and a twelve month high of $11.10. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of 13.75 and a beta of 1.12. The company's 50 day simple moving average is $9.61 and its 200 day simple moving average is $9.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, January 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). Valley National Bancorp had a net margin of 10.62% and a return on equity of 5.14%. During the same quarter last year, the company earned $0.22 earnings per share. On average, equities research analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current year.

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Insider Activity

In other news, EVP Joseph Chillura sold 50,000 shares of Valley National Bancorp stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $10.21, for a total value of $510,500.00. Following the completion of the sale, the executive vice president now directly owns 495,249 shares in the company, valued at approximately $5,056,492.29. The trade was a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

VLY has been the subject of several recent analyst reports. StockNews.com downgraded shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on shares of Valley National Bancorp from $10.50 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada raised their price objective on shares of Valley National Bancorp from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Stephens restated an "overweight" rating and set a $12.50 price objective on shares of Valley National Bancorp in a research report on Thursday, January 2nd. Finally, Barclays raised their price objective on shares of Valley National Bancorp from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.67.

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.