Valley National Bancorp to issue quarterly dividend of $ 0.11 (NASDAQ: VLY)

National Bank of the Valley (NASDAQ: VLY) declared a quarterly dividend on Friday, December 3, Zacks reports. Shareholders of record on Wednesday December 15 will receive a dividend of 0.11 per share on Monday January 3. This represents a dividend of $ 0.44 on an annualized basis and a dividend yield of 3.16%. The ex-date of this dividend is Tuesday, December 14.

Valley National Bancorp has a dividend payout ratio of 36.7%, indicating that its dividend is sufficiently covered by earnings. Stock analysts expect Valley National Bancorp to earn $ 1.18 per share next year, which means the company should continue to be able to cover its annual dividend of $ 0.44 with a rate of. expected future distribution of 37.3%.

NASDAQ: VLY opened at $ 13.93 on Friday. The company has a debt ratio of 0.32, a quick ratio of 0.98, and a current ratio of 0.98. The stock has a market cap of $ 5.67 billion, a price-to-earnings ratio of 12.55 and a beta of 1.18. Valley National Bancorp has a one-year low of $ 9.42 and a one-year high of $ 14.85. The company’s 50-day simple moving average is $ 13.98 and its 200-day simple moving average is $ 13.48.

Valley National Bancorp (NASDAQ: VLY) last released its results on Wednesday, October 27. The company reported earnings per share of $ 0.30 for the quarter, hitting Thomson Reuters’ consensus estimate of $ 0.30. Valley National Bancorp had a net margin of 31.10% and a return on equity of 10.63%. The company posted revenue of $ 343.46 million in the quarter, compared to analysts’ expectations of $ 339.41 million. In the same quarter of last year, the company made a profit of $ 0.25 per share. On average, equity research analysts predict that Valley National Bancorp will show 1.13 EPS for the current year.

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A number of brokerage firms have commented on VLY. Stephens raised his price target for Valley National Bancorp shares from $ 15.00 to $ 15.50 and rated the stock “overweight” in a research note on Monday, October 4. Zacks Investment Research downgraded Valley National Bancorp shares from a “buy” rating to a “hold” rating in a report released on Friday, October 1. Citigroup downgraded Valley National Bancorp shares from a “sell” rating to a “neutral” rating and raised its share price target from $ 12.00 to $ 14.00 in a report released on Friday September 24. Finally, Hovde Group upgraded Valley National Bancorp shares from a “market performance” rating to an “outperformance” rating in a report released on Friday, September 17th. Three research analysts rated the stock with a conservation rating and two issued a buy rating for the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $ 14.94.

An institutional investor recently increased its position in shares of Valley National Bancorp. LPL Financial LLC increased its stake in Valley National Bancorp (NASDAQ: VLY) by 8.7% in the third quarter, according to the company in its latest Form 13F filed with the SEC. The fund held 59,810 shares of the company after acquiring an additional 4,787 shares during the quarter. LPL Financial LLC’s holdings in Valley National Bancorp were worth $ 796,000 at the time of its last filing with the SEC. 63.29% of the shares are currently held by institutional investors and hedge funds.

Valley National Bancorp Company Profile

Valley National Bancorp is a banking holding company providing retail and commercial banking services. It operates through the following segments: consumer credit; Business loans; Investment management; and Corporate and other adjustments. The consumer loans segment includes residential mortgages, auto loans and home equity loans, as well as wealth management and insurance services.

Read more: Monthly dividend stocks can provide solid income

Dividend history for Valley National Bancorp (NASDAQ: VLY)

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