Valley National Bancorp (NASDAQ:VLY) Issues Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Valley National Bancorp (NASDAQ:VLY) posted its quarterly earnings data on Thursday. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. The business had revenue of $884.68 million for the quarter, compared to the consensus estimate of $458.67 million. Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. During the same period in the prior year, the business posted $0.28 EPS.

Valley National Bancorp Trading Up 2.0 %

Shares of NASDAQ VLY traded up $0.16 during trading hours on Friday, hitting $8.23. The company’s stock had a trading volume of 6,238,734 shares, compared to its average volume of 6,400,001. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 0.99. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 9.68 and a beta of 1.08. Valley National Bancorp has a 12 month low of $6.47 and a 12 month high of $11.22. The business has a 50-day simple moving average of $7.14 and a 200-day simple moving average of $7.92.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Thursday, June 13th were issued a $0.11 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.44 annualized dividend and a dividend yield of 5.35%. Valley National Bancorp’s dividend payout ratio is currently 51.76%.

Insider Buying and Selling

In related news, EVP Joseph Chillura sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $6.57, for a total value of $65,700.00. Following the sale, the executive vice president now directly owns 545,249 shares of the company’s stock, valued at $3,582,285.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Valley National Bancorp news, Director Andrew B. Abramson sold 16,451 shares of Valley National Bancorp stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $7.72, for a total transaction of $127,001.72. Following the sale, the director now directly owns 224,679 shares of the company’s stock, valued at approximately $1,734,521.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Joseph Chillura sold 10,000 shares of Valley National Bancorp stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $6.57, for a total value of $65,700.00. Following the sale, the executive vice president now directly owns 545,249 shares in the company, valued at $3,582,285.93. The disclosure for this sale can be found here. Insiders have sold 51,451 shares of company stock valued at $378,452 over the last ninety days. 1.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays lowered their price target on Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. JPMorgan Chase & Co. lowered their price target on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada raised their price target on Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday. Keefe, Bruyette & Woods raised their price target on Valley National Bancorp from $8.00 to $8.50 and gave the company a “market perform” rating in a research report on Friday. Finally, StockNews.com upgraded Valley National Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.61.

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.