Cora Capital Advisors LLC Purchases 177,900 Shares of Valley National Bancorp $VLY

Key Points

• Cora Capital Advisors initiated a position in Valley National Bancorp, buying 177,900 shares worth approximately $2.25 million in the third quarter. VLY represents 0.6% of the firm’s portfolio.
• Analysts give the stock a consensus “Moderate Buy” rating, with an average price target of $16.86; shares opened at $14.06.
• Valley National reported quarterly EPS of $0.36, beating estimates of $0.33, and announced a quarterly dividend of $0.11 per share, equivalent to a 3.1% annualized yield.

Cora Capital Advisors LLC purchased a new stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 177,900 shares of the company's stock, valued at approximately $2,245,000. Valley National Bancorp makes up 0.6% of Cora Capital Advisors LLC's investment portfolio, making the stock its 26th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Valley National Bancorp by 5.7% in the second quarter. GAMMA Investing LLC now owns 15,999 shares of the company's stock valued at $234,000 after buying an additional 863 shares in the last quarter. Waverly Advisors LLC increased its position in shares of Valley National Bancorp by 5.8% during the first quarter. Waverly Advisors LLC now owns 20,546 shares of the company's stock worth $252,000 after acquiring an additional 1,124 shares in the last quarter. Assetmark Inc. increased its position in shares of Valley National Bancorp by 123.7% during the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock worth $26,000 after acquiring an additional 1,189 shares in the last quarter. Allworth Financial LP increased its position in shares of Valley National Bancorp by 2.3% during the second quarter. Allworth Financial LP now owns 68,078 shares of the company's stock worth $997,000 after acquiring an additional 1,518 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Valley National Bancorp by 41.8% in the 1st quarter. Parallel Advisors LLC now owns 6,163 shares of the company's stock worth $76,000 after acquiring an additional 1,816 shares during the last quarter. Institutional investors own 61.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $17.00 price target on shares of Valley National Bancorp in a research report on Tuesday, September 29th. National Bank Financial set a $18.50 price target on Valley National Bancorp in a research note on Monday, October 26th. Citigroup boosted their price objective on Valley National Bancorp from $18.00 to $18.50 and gave the stock a "buy" rating in a report on Monday, October 26th. Truist Financial increased their price objective on Valley National Bancorp from $16.50 to $17.00 and gave the stock a "buy" rating in a research note on Monday, October 26th. Finally, UBS Group raised their target price on Valley National Bancorp from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Valley National Bancorp presently has an average rating of "Moderate Buy" and an average price target of $16.86.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $14.06 on Friday. Valley National Bancorp has a 1 year low of $10.34 and a 1 year high of $15.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of 11.16 and a beta of 1.09. The company has a fifty day moving average price of $13.40 and a 200-day moving average price of $13.49.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Valley National Bancorp had a net margin of 20.44% and a return on equity of 9.63%. The company had revenue of $581.10 million for the quarter, compared to analyst estimates of $577.82 million. During the same period last year, the firm earned $0.28 earnings per share. As a group, equities research analysts predict that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $0.44 annualized dividend and a yield of 3.1%. Valley National Bancorp's dividend payout ratio (DPR) is 34.92%.

About Valley National Bancorp

Valley National Bancorp is the bank holding company for Valley National Bank, a full-service regional bank headquartered in Wayne, New Jersey. The company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities through a network of branches and digital banking channels.

Valley National Bank offers deposit accounts, residential and commercial real estate lending, business loans, consumer loans, mortgage banking, treasury management and other commercial banking services.

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