Azora Capital LP Takes Position in Valley National Bancorp $VLY

Key Points

• Azora Capital LP acquired 9,728,285 shares of Valley National Bancorp in Q3 (≈$103.1M), making VLY its fourth-largest holding (~4.8% of Azora’s portfolio) and giving Azora a 1.74% stake in the bank.
• Valley reported a quarterly beat with $0.31 EPS vs. $0.29 expected and revenue of $1.01 billion (up 14.1% year-over-year), well above consensus estimates.
• The bank announced a $0.11 quarterly dividend ($0.44 annualized, ~3.7% yield) while analysts remain mostly positive—consensus rating "Moderate Buy" with an average price target of $14.40 and some targets as high as $16.00.

Azora Capital LP acquired a new position in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,728,285 shares of the company's stock, valued at approximately $103,120,000. Valley National Bancorp makes up about 4.8% of Azora Capital LP's investment portfolio, making the stock its 4th biggest position. Azora Capital LP owned 1.74% of Valley National Bancorp at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of VLY. Smartleaf Asset Management LLC lifted its position in Valley National Bancorp by 77.4% during the third quarter. Smartleaf Asset Management LLC now owns 4,574 shares of the company's stock valued at $48,000 after purchasing an additional 1,996 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Valley National Bancorp by 244.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,884 shares of the company's stock worth $53,000 after buying an additional 4,177 shares in the last quarter. Vident Advisory LLC bought a new position in shares of Valley National Bancorp in the 2nd quarter worth $93,000. Blueshift Asset Management LLC purchased a new stake in shares of Valley National Bancorp during the 2nd quarter valued at $96,000. Finally, Blue Trust Inc. raised its position in shares of Valley National Bancorp by 199.4% during the 3rd quarter. Blue Trust Inc. now owns 9,632 shares of the company's stock valued at $102,000 after buying an additional 6,415 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $11.76 on Friday. The company has a 50-day simple moving average of $12.58 and a two-hundred day simple moving average of $11.56. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $13.87. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of 11.64 and a beta of 1.07. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $524.31 million. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The company's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 earnings per share. On average, equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 3.7%. Valley National Bancorp's dividend payout ratio (DPR) is presently 43.56%.

Analyst Ratings Changes

Several brokerages recently issued reports on VLY. Royal Bank Of Canada upped their target price on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. Weiss Ratings upgraded Valley National Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, February 6th. Citigroup reiterated a "buy" rating on shares of Valley National Bancorp in a report on Monday, February 2nd. UBS Group started coverage on Valley National Bancorp in a research report on Monday, December 15th. They set a "buy" rating and a $15.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on Valley National Bancorp from $14.00 to $16.00 and gave the company an "overweight" rating in a report on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $14.40.

Insider Transactions at Valley National Bancorp

In other news, Director Carlos J. Vazquez acquired 2,500 shares of the business's stock in a transaction on Tuesday, February 17th. The shares were acquired at an average cost of $13.45 per share, with a total value of $33,625.00. Following the transaction, the director owned 4,252 shares in the company, valued at $57,189.40. The trade was a 142.69% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.43% of the company's stock.

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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