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

Valley National Bancorp (NYSE:VLY) declared a dividend on Tuesday, August 22nd, Fidelity reports. Investors of record on Friday, September 15th will be given a dividend of 0.11 per share by the financial services provider on Monday, October 2nd. The ex-dividend date is Thursday, September 14th.

Valley National Bancorp has decreased its dividend by an average of 12.2% annually over the last three years. Valley National Bancorp has a payout ratio of 62.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $0.83 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 53.0%.

Valley National Bancorp (VLY) traded up 0.64% during trading on Friday, hitting $10.98. 4,639,101 shares of the company were exchanged. The stock’s 50-day moving average is $11.32 and its 200-day moving average is $11.70. Valley National Bancorp has a 12 month low of $9.23 and a 12 month high of $12.82. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 15.69 and a beta of 0.91.

Valley National Bancorp (NYSE:VLY) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.18. Valley National Bancorp had a return on equity of 8.39% and a net margin of 20.73%. The firm had revenue of $195.79 million during the quarter, compared to analysts’ expectations of $190.83 million. During the same quarter in the prior year, the business earned $0.15 EPS. Equities research analysts anticipate that Valley National Bancorp will post $0.71 earnings per share for the current year.

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Several brokerages have weighed in on VLY. Zacks Investment Research lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. BidaskClub cut Valley National Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $11.50 price target (up previously from $11.00) on shares of Valley National Bancorp in a research report on Friday, July 7th. Keefe, Bruyette & Woods raised Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $13.00 price objective for the company in a research note on Thursday, July 27th. Finally, ValuEngine raised Valley National Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $12.67.

In related news, Director Mary Guilfoile sold 5,140 shares of Valley National Bancorp stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $11.92, for a total transaction of $61,268.80. Following the completion of the sale, the director now directly owns 258,719 shares of the company’s stock, valued at $3,083,930.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.07% of the stock is owned by insiders.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.

Dividend History for Valley National Bancorp (NYSE:VLY)

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