Valley National Bancorp (NASDAQ:VLY) Releases Quarterly Earnings Results, Hits Expectations

Valley National Bancorp (NASDAQ:VLYGet Rating) announced its quarterly earnings data on Thursday. The company reported $0.28 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.28, MarketWatch Earnings reports. Valley National Bancorp had a net margin of 31.82% and a return on equity of 10.49%. The firm had revenue of $356.90 million for the quarter, compared to analysts’ expectations of $350.93 million. During the same period last year, the firm earned $0.28 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis.

Shares of VLY stock traded down $0.38 during trading hours on Friday, hitting $11.98. 3,235,846 shares of the company’s stock were exchanged, compared to its average volume of 2,155,419. The company has a market capitalization of $5.05 billion, a PE ratio of 10.70 and a beta of 1.10. Valley National Bancorp has a 12-month low of $11.66 and a 12-month high of $15.10. The business’s 50 day simple moving average is $13.07 and its 200-day simple moving average is $13.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.30.

The business also recently announced a quarterly dividend, which was paid on Friday, April 1st. Investors of record on Tuesday, March 15th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Monday, March 14th. Valley National Bancorp’s dividend payout ratio is currently 39.29%.

VLY has been the topic of a number of recent research reports. Wedbush initiated coverage on shares of Valley National Bancorp in a research note on Monday, January 31st. They issued a “hold” rating and a $15.00 price objective on the stock. Zacks Investment Research upgraded shares of Valley National Bancorp from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Saturday, January 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $15.15.

Several hedge funds have recently bought and sold shares of VLY. BlackRock Inc. increased its stake in shares of Valley National Bancorp by 1.5% in the fourth quarter. BlackRock Inc. now owns 55,059,207 shares of the company’s stock worth $757,064,000 after buying an additional 821,144 shares during the period. Wells Fargo & Company MN increased its stake in shares of Valley National Bancorp by 45.7% in the fourth quarter. Wells Fargo & Company MN now owns 689,682 shares of the company’s stock worth $9,482,000 after buying an additional 216,183 shares during the period. Forum Financial Management LP purchased a new position in shares of Valley National Bancorp in the fourth quarter worth $168,000. NewEdge Advisors LLC increased its stake in shares of Valley National Bancorp by 6.8% in the fourth quarter. NewEdge Advisors LLC now owns 70,491 shares of the company’s stock worth $969,000 after buying an additional 4,503 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Valley National Bancorp by 41.2% in the fourth quarter. Allianz Asset Management GmbH now owns 88,594 shares of the company’s stock worth $1,218,000 after buying an additional 25,856 shares during the period. 63.62% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Company Profile (Get Rating)

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Commercial Lending, Consumer Lending, and Investment Management segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans.

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Earnings History for Valley National Bancorp (NASDAQ:VLY)

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