Kodai Capital Management LP Purchases 483,143 Shares of Valley National Bancorp $VLY

Key Points

• Kodai Capital Management LP increased its stake in Valley National Bancorp by 33.6%, owning 1,922,147 shares worth approximately $17.09 million at the end of the latest quarter.
• Analysts have mixed views on Valley National Bancorp, with upgrades from several firms; the consensus rating is a Moderate Buy with a target price of $10.95.
• The bank announced a quarterly dividend of $0.11 per share, yielding 4.2%, to be paid to shareholders of record on September 15th.

Kodai Capital Management LP increased its stake in Valley National Bancorp (NASDAQ:VLY - Free Report) by 33.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,922,147 shares of the company's stock after purchasing an additional 483,143 shares during the quarter. Kodai Capital Management LP owned about 0.34% of Valley National Bancorp worth $17,088,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in Valley National Bancorp in the first quarter valued at $35,000. Farther Finance Advisors LLC grew its stake in shares of Valley National Bancorp by 206.6% in the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock worth $38,000 after purchasing an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Valley National Bancorp in the fourth quarter worth about $39,000. Brown Lisle Cummings Inc. bought a new stake in shares of Valley National Bancorp in the first quarter worth about $39,000. Finally, UMB Bank n.a. grew its stake in shares of Valley National Bancorp by 219.6% in the first quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock worth $50,000 after purchasing an additional 3,828 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Performance

Shares of Valley National Bancorp stock traded up $0.01 during trading on Monday, hitting $10.46. 6,584,612 shares of the company's stock traded hands, compared to its average volume of 7,650,314. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.10. The business has a 50-day simple moving average of $9.56 and a 200-day simple moving average of $9.09. The stock has a market capitalization of $5.85 billion, a P/E ratio of 13.41 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter last year, the firm posted $0.13 EPS. The business's quarterly revenue was up 9.3% compared to the same quarter last year. As a group, analysts forecast that Valley National Bancorp will post 0.99 EPS for the current year.

Valley National Bancorp Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Royal Bank Of Canada raised their target price on Valley National Bancorp from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Morgan Stanley upgraded shares of Valley National Bancorp from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Wall Street Zen upgraded shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Barclays restated an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Finally, Truist Financial upgraded 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 investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.95.

Valley National Bancorp 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.