Mackenzie Financial Corp Raises Holdings 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 stake in shares of Valley National Bancorp (NASDAQ:VLY - Free Report) by 2,749.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 760,522 shares of the company's stock after purchasing an additional 733,829 shares during the quarter. Mackenzie Financial Corp owned 0.14% of Valley National Bancorp worth $6,761,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. grew its stake in Valley National Bancorp by 2.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 44,848 shares of the company's stock worth $406,000 after purchasing an additional 1,024 shares during the period. State of Michigan Retirement System grew its stake in Valley National Bancorp by 1.1% during the first quarter. State of Michigan Retirement System now owns 113,681 shares of the company's stock worth $1,011,000 after purchasing an additional 1,200 shares during the period. Louisiana State Employees Retirement System grew its stake in Valley National Bancorp by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 133,100 shares of the company's stock worth $1,183,000 after purchasing an additional 1,300 shares during the period. Forum Financial Management LP grew its stake in Valley National Bancorp by 7.8% during the first quarter. Forum Financial Management LP now owns 19,142 shares of the company's stock worth $170,000 after purchasing an additional 1,381 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in Valley National Bancorp by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 55,597 shares of the company's stock worth $494,000 after purchasing an additional 1,465 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on VLY shares. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Truist Financial raised Valley National Bancorp from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research note on Friday, July 25th. Royal Bank Of Canada raised their price objective on Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen raised Valley National Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Jefferies Financial Group began coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $10.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $10.95.

Valley National Bancorp Stock Down 0.5%

Shares of VLY stock traded down $0.05 during trading hours on Tuesday, reaching $9.30. The company had a trading volume of 9,177,974 shares, compared to its average volume of 9,198,583. Valley National Bancorp has a 12 month low of $7.48 and a 12 month high of $11.10. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.97. The business has a fifty day simple moving average of $9.13 and a 200-day simple moving average of $9.12. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 11.92 and a beta of 1.09.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last posted 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 analyst estimates of $495.79 million. During the same quarter last year, the company earned $0.13 earnings per share. The company's revenue for the quarter was up 9.3% on a year-over-year basis. On average, research analysts expect 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 declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, September 15th. Valley National Bancorp's dividend payout ratio (DPR) is 56.41%.

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.