Valley National Bancorp (NYSE:VLY) declared a quarterly dividend on Wednesday, November 29th, Wall Street Journal reports. Investors of record on Friday, December 22nd will be paid a dividend of 0.11 per share by the financial services provider on Wednesday, January 3rd. This represents a $0.44 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Thursday, December 21st.
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 63.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Valley National Bancorp to earn $0.80 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 55.0%.
Shares of Valley National Bancorp (VLY) opened at $11.50 on Friday. Valley National Bancorp has a 52 week low of $10.61 and a 52 week high of $12.82. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.98. The firm has a market cap of $2,990.03, a price-to-earnings ratio of 15.93 and a beta of 0.89.
Several brokerages have recently commented on VLY. Zacks Investment Research downgraded shares of Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, December 6th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 price target on shares of Valley National Bancorp in a research report on Friday, September 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.67.
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Valley National Bancorp Company Profile
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.
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