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

Cora Capital Advisors LLC acquired a new stake in Valley National Bancorp (NASDAQ:VLY) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 177,900 shares of the company’s stock, valued at approximately $2,245,000. Valley National Bancorp accounts for approximately 0.6% of Cora Capital Advisors LLC’s investment portfolio, making the stock its 26th biggest position.

Other large investors have also recently made changes to their positions in the company. Bank of America Corp DE grew its position in Valley National Bancorp by 8.0% during the first quarter. Bank of America Corp DE now owns 3,919,652 shares of the company’s stock valued at $48,133,000 after buying an additional 290,534 shares during the period. Legal & General Group Plc purchased a new stake in Valley National Bancorp during the second quarter worth about $9,391,000. Bank of New York Mellon Corp purchased a new stake in Valley National Bancorp during the second quarter worth about $68,276,000. First Trust Advisors LP raised its position in Valley National Bancorp by 6.0% in the first quarter. First Trust Advisors LP now owns 1,411,434 shares of the company’s stock worth $17,332,000 after acquiring an additional 80,308 shares during the period. Finally, BlackRock Inc. bought a new stake in Valley National Bancorp in the second quarter worth about $1,079,026,000. 61.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

VLY has been the subject of a number of research reports. Truist Financial increased their target price on shares of Valley National Bancorp from $16.50 to $17.00 and gave the company a “buy” rating in a research report on Monday, October 26th. Keefe, Bruyette & Woods upgraded Valley National Bancorp from a “market perform” rating to an “outperform” rating and set a $17.00 price objective on the stock in a research note on Friday, October 23rd. Weiss Ratings raised Valley National Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. National Bank Financial set a $18.50 price objective on Valley National Bancorp in a report on Monday, October 26th. Finally, JPMorgan Chase & Co. raised their target price on Valley National Bancorp from $15.50 to $16.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.86.

Valley National Bancorp Price Performance

Shares of NASDAQ:VLY opened at $14.06 on Friday. The company has a 50 day moving average of $13.40 and a 200 day moving average of $13.49. The stock has a market cap of $7.77 billion, a P/E ratio of 11.16 and a beta of 1.09. Valley National Bancorp has a 12 month low of $10.34 and a 12 month high of $15.20. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.35.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, October 22nd. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $581.10 million for the quarter, compared to analysts’ expectations of $577.82 million. During the same period in the prior year, the company posted $0.28 EPS. As a group, sell-side analysts forecast that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. Valley National Bancorp’s dividend payout ratio is presently 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.