Azora Capital LP Acquires Shares of 10,247,196 Valley National Bancorp $VLY

Key Points

• Azora Capital initiated a major Valley National Bancorp position, purchasing 10.25 million shares valued at approximately $150.1 million. The stake represents about 1.85% of VLY and 6.3% of Azora’s portfolio.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $16.10, compared with the reported trading price of $14.09.
• Valley National reported quarterly revenue of $560.7 million, up 13.3% year over year, though EPS of $0.30 fell short of estimates. The bank also declared a quarterly dividend of $0.11 per share, implying a 3.1% annualized yield.

Azora Capital LP acquired a new stake in Valley National Bancorp (NASDAQ:VLY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,247,196 shares of the company's stock, valued at approximately $150,121,000. Valley National Bancorp comprises approximately 6.3% of Azora Capital LP's investment portfolio, making the stock its 3rd largest position. Azora Capital LP owned approximately 1.85% of Valley National Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cedar Mountain Advisors LLC bought a new position in Valley National Bancorp during the first quarter valued at $26,000. Assetmark Inc. raised its position in Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company's stock worth $26,000 after purchasing an additional 1,189 shares during the period. Los Angeles Capital Management LLC bought a new stake in Valley National Bancorp in the fourth quarter worth about $26,000. Compass Financial Management LLC bought a new stake in Valley National Bancorp in the second quarter worth about $28,000. Finally, Geneos Wealth Management Inc. purchased a new position in shares of Valley National Bancorp during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 61.00% of the company's stock.

Insiders Place Their Bets

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares of the company's stock, valued at $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on VLY shares. UBS Group set a $17.00 target price on Valley National Bancorp in a research note on Tuesday, July 7th. TD Cowen reissued a "buy" rating on shares of Valley National Bancorp in a research note on Wednesday, June 17th. Weiss Ratings restated a "buy (b)" rating on shares of Valley National Bancorp in a report on Monday, July 6th. Keefe, Bruyette & Woods upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Finally, Cantor Fitzgerald increased their target price on Valley National Bancorp from $16.00 to $17.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.10.

Valley National Bancorp Trading Down 0.1%

NASDAQ:VLY opened at $14.09 on Thursday. Valley National Bancorp has a one year low of $9.64 and a one year high of $15.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $7.79 billion, a P/E ratio of 11.94 and a beta of 1.04. The firm has a 50-day simple moving average of $14.57 and a 200-day simple moving average of $13.61.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.01). Valley National Bancorp had a net margin of 19.49% and a return on equity of 9.13%. The business had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. During the same quarter in the prior year, the business posted $0.23 earnings per share. Valley National Bancorp's revenue for the quarter was up 13.3% on a year-over-year basis. Equities analysts anticipate that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Valley National Bancorp's dividend payout ratio is 37.29%.

Valley National Bancorp Company Profile

Valley National Bancorp NASDAQ: VLY is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.

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