Valley National Bancorp (NYSE:VLY) Plans $0.11 Quarterly Dividend

Valley National Bancorp (NYSE:VLY) declared a quarterly dividend on Wednesday, May 22nd, Wall Street Journal reports. Shareholders of record on Friday, June 14th will be paid a dividend of 0.11 per share by the financial services provider on Monday, July 1st. This represents a $0.44 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Thursday, June 13th.

Valley National Bancorp has a payout ratio of 51.8% meaning its dividend is sufficiently covered by earnings.

Valley National Bancorp stock traded up $0.02 during trading hours on Friday, reaching $10.37. 1,379,070 shares of the stock were exchanged, compared to its average volume of 1,897,427. Valley National Bancorp has a 52-week low of $8.42 and a 52-week high of $13.07.

Valley National Bancorp (NYSE:VLY) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.01). The firm had revenue of $326.32 million for the quarter, compared to analyst estimates of $253.23 million. During the same period in the previous year, the company earned $0.18 EPS.

Separately, Zacks Investment Research raised shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, April 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.95.

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About Valley National Bancorp

Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, trust, and investment services. The company operates through Commercial Lending, Consumer Lending, and Investment Management segments. Its deposit products include non-interest bearing, savings, NOW, and money market deposits, as well as certificates of deposit.

See Also: Yield Curve

Dividend History for Valley National Bancorp (NYSE:VLY)

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