Valley National Bancorp $VLY is Elizabeth Park Capital Advisors Ltd.'s 5th Largest Position

Key Points

• Elizabeth Park Capital Advisors Ltd. increased its stake in Valley National Bancorp by 19.8%, owning a total of 447,985 shares worth approximately $3.98 million, making it the firm's fifth largest holding.
• Valley National Bancorp's stock received multiple upgrades, with analysts from Royal Bank of Canada and Truist Financial setting the price target at $11.00, indicating a positive outlook for the stock.
• The company announced a quarterly dividend of $0.11, translating to an annualized dividend yield of 4.2%, with a payout ratio of 56.41%.

Elizabeth Park Capital Advisors Ltd. raised its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 19.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 447,985 shares of the company's stock after acquiring an additional 74,050 shares during the quarter. Valley National Bancorp makes up 3.6% of Elizabeth Park Capital Advisors Ltd.'s holdings, making the stock its 5th biggest position. Elizabeth Park Capital Advisors Ltd. owned approximately 0.08% of Valley National Bancorp worth $3,983,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Valley National Bancorp by 4.8% in the first quarter. Dimensional Fund Advisors LP now owns 30,040,885 shares of the company's stock valued at $267,054,000 after purchasing an additional 1,377,676 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Valley National Bancorp in the fourth quarter valued at approximately $74,558,000. Charles Schwab Investment Management Inc. raised its position in shares of Valley National Bancorp by 2.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 7,817,098 shares of the company's stock valued at $69,494,000 after purchasing an additional 204,942 shares during the period. Victory Capital Management Inc. raised its position in shares of Valley National Bancorp by 15.2% in the first quarter. Victory Capital Management Inc. now owns 7,155,871 shares of the company's stock valued at $63,616,000 after purchasing an additional 944,340 shares during the period. Finally, Northern Trust Corp raised its position in shares of Valley National Bancorp by 21.2% in the fourth quarter. Northern Trust Corp now owns 5,788,927 shares of the company's stock valued at $52,448,000 after purchasing an additional 1,011,030 shares during the period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Price Performance

Valley National Bancorp stock traded up $0.01 during midday trading on Monday, reaching $10.46. 6,584,612 shares of the stock were exchanged, compared to its average volume of 7,650,314. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a 52 week low of $7.48 and a 52 week high of $11.10. The firm has a market cap of $5.85 billion, a PE ratio of 13.41 and a beta of 1.13. The company's fifty day moving average is $9.56 and its 200-day moving average is $9.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business had revenue of $495.01 million during the quarter, compared to analysts' expectations of $495.79 million. During the same quarter in the previous year, the company earned $0.13 EPS. The business's quarterly revenue was up 9.3% compared to the same quarter last year. On average, sell-side analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's payout ratio is currently 56.41%.

Analyst Ratings Changes

Several research firms have recently issued reports on VLY. Royal Bank Of Canada boosted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Morgan Stanley raised shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $10.00 to $11.00 in a research report on Thursday, July 3rd. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on shares of Valley National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price target on the stock. Finally, Truist Financial raised shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price on the stock in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.95.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.