Valley National Bancorp (NASDAQ:VLY) Declares $0.11 Quarterly Dividend

Valley National Bancorp (NASDAQ:VLY – Get Rating) announced a quarterly dividend on Tuesday, May 23rd, Zacks reports. Investors of record on Thursday, June 15th will be given a dividend of 0.11 per share on Monday, July 3rd. This represents a $0.44 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend is Wednesday, June 14th.

Valley National Bancorp has raised its dividend by an average of 7.7% per year over the last three years. Valley National Bancorp has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Valley National Bancorp to earn $1.21 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 36.4%.

Valley National Bancorp Price Performance

VLY opened at $7.63 on Thursday. The stock has a market capitalization of $3.88 billion, a PE ratio of 6.69 and a beta of 1.08. The stock’s 50 day moving average price is $8.06 and its 200-day moving average price is $9.91. Valley National Bancorp has a 52-week low of $6.39 and a 52-week high of $13.07. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.98 and a current ratio of 0.98.

Valley National Bancorp (NASDAQ:VLY – Get Rating) last released its quarterly earnings results on Thursday, April 27th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.03). The company had revenue of $490.30 million during the quarter, compared to the consensus estimate of $520.58 million. Valley National Bancorp had a return on equity of 11.15% and a net margin of 23.22%. Valley National Bancorp’s quarterly revenue was up 37.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 earnings per share. On average, equities research analysts predict that Valley National Bancorp will post 1.2 EPS for the current year.

Insider Buying and Selling

In related news, Director Marc J. Lenner acquired 5,000 shares of the stock in a transaction on Tuesday, March 14th. The shares were acquired at an average price of $10.93 per share, for a total transaction of $54,650.00. Following the transaction, the director now owns 93,670 shares in the company, valued at approximately $1,023,813.10. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, Director Marc J. Lenner acquired 5,000 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was bought at an average cost of $10.93 per share, for a total transaction of $54,650.00. Following the purchase, the director now owns 93,670 shares in the company, valued at $1,023,813.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Avner Mendelson acquired 2,611 shares of Valley National Bancorp stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average cost of $15.52 per share, with a total value of $40,522.72. Following the completion of the purchase, the director now owns 134,126 shares in the company, valued at approximately $2,081,635.52. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 14,127 shares of company stock worth $195,783. 1.71% of the stock is owned by company insiders.

Institutional Trading of Valley National Bancorp

Several institutional investors have recently made changes to their positions in the company. Quarry LP boosted its stake in shares of Valley National Bancorp by 198.1% in the first quarter. Quarry LP now owns 3,070 shares of the company’s stock valued at $28,000 after purchasing an additional 2,040 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Valley National Bancorp by 46.3% in the fourth quarter. Advisors Asset Management Inc. now owns 5,152 shares of the company’s stock valued at $58,000 after acquiring an additional 1,631 shares in the last quarter. Advisory Services Network LLC raised its stake in shares of Valley National Bancorp by 24.4% in the first quarter. Advisory Services Network LLC now owns 8,665 shares of the company’s stock valued at $80,000 after acquiring an additional 1,700 shares in the last quarter. Covestor Ltd boosted its holdings in Valley National Bancorp by 73.0% in the first quarter. Covestor Ltd now owns 6,213 shares of the company’s stock valued at $81,000 after purchasing an additional 2,622 shares during the period. Finally, Creative Planning increased its holdings in Valley National Bancorp by 6,274.7% during the 2nd quarter. Creative Planning now owns 10,072 shares of the company’s stock worth $105,000 after purchasing an additional 9,914 shares during the period. Hedge funds and other institutional investors own 54.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on VLY shares. TheStreet downgraded shares of Valley National Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, May 16th. JPMorgan Chase & Co. cut their price target on Valley National Bancorp from $11.50 to $9.00 in a report on Thursday, April 6th. Keefe, Bruyette & Woods reduced their price objective on shares of Valley National Bancorp from $15.50 to $14.50 and set an “outperform” rating for the company in a research note on Thursday, April 6th. StockNews.com began coverage on shares of Valley National Bancorp in a report on Thursday, May 18th. They issued a “sell” rating on the stock. Finally, Raymond James cut Valley National Bancorp from a “strong-buy” rating to a “market perform” rating in a report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Valley National Bancorp has an average rating of “Hold” and a consensus price target of $12.08.

About Valley National Bancorp

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Valley National Bancorp is a bank holding company, which engages in the provision of retail and commercial banking services. It operates through the following segments: Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments. The Consumer Lending segment consists of residential mortgage loans, automobile loans and home equity loans, as well as wealth management and insurance services.