Mackenzie Financial Corp Has $6.76 Million Stake in Valley National Bancorp (NASDAQ:VLY)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Valley National Bancorp by 2,749.1%, owning 760,522 shares valued at approximately $6.76 million after acquiring 733,829 shares in the first quarter.
• Valley National Bancorp reported a quarterly earnings per share of $0.23, exceeding analysts' expectations and showing a 9.3% increase in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $0.11 per share, resulting in an annualized dividend yield of 4.8%, with a payout ratio of 56.41%.

Mackenzie Financial Corp lifted its holdings in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 2,749.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 760,522 shares of the company's stock after buying an additional 733,829 shares during the period. Mackenzie Financial Corp owned about 0.14% of Valley National Bancorp worth $6,761,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in shares of Valley National Bancorp by 206.6% during the first quarter. Farther Finance Advisors LLC now owns 4,298 shares of the company's stock valued at $38,000 after acquiring an additional 2,896 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Valley National Bancorp in the fourth quarter valued at $39,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Valley National Bancorp in the first quarter worth approximately $39,000. Optiver Holding B.V. boosted its holdings in shares of Valley National Bancorp by 80.9% in the 4th quarter. Optiver Holding B.V. now owns 5,079 shares of the company's stock valued at $46,000 after purchasing an additional 2,271 shares during the last quarter. Finally, UMB Bank n.a. raised its position in shares of Valley National Bancorp by 219.6% in the 1st quarter. UMB Bank n.a. now owns 5,571 shares of the company's stock worth $50,000 after buying an additional 3,828 shares during the period. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Stock Down 1.0%

Shares of VLY traded down $0.09 during mid-day trading on Wednesday, reaching $9.21. The company's stock had a trading volume of 4,564,332 shares, compared to its average volume of 9,167,242. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 11.81 and a beta of 1.09. The business has a fifty day moving average of $9.14 and a 200 day moving average of $9.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.41. Valley National Bancorp has a 1 year low of $7.48 and a 1 year high of $11.10.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Valley National Bancorp had a return on equity of 5.89% and a net margin of 12.87%. The company had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. During the same quarter in the prior year, the company earned $0.13 EPS. The firm's quarterly revenue was up 9.3% on a year-over-year basis. As a group, analysts forecast that Valley National Bancorp will post 0.99 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 15th. Valley National Bancorp's payout ratio is currently 56.41%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Jefferies Financial Group began coverage on Valley National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price for the company. Wall Street Zen raised shares of Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Truist Financial upgraded shares of Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a research note on Friday, July 25th. Morgan Stanley raised Valley National Bancorp from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $10.00 to $11.00 in a report on Thursday, July 3rd. Finally, Royal Bank Of Canada upped their target price on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Valley National Bancorp presently has an average rating of "Moderate Buy" and a consensus target price 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.