Wedge Capital Management L L P NC Lowers Stock Holdings in Valley National Bancorp $VLY

Wedge Capital Management L L P NC reduced its position in Valley National Bancorp (NASDAQ:VLY) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,745,286 shares of the company’s stock after selling 65,582 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.67% of Valley National Bancorp worth $39,700,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. KMG Fiduciary Partners LLC purchased a new position in shares of Valley National Bancorp in the third quarter valued at approximately $182,000. Jackson Square Capital LLC acquired a new stake in Valley National Bancorp during the 3rd quarter worth approximately $561,000. Voya Investment Management LLC boosted its position in Valley National Bancorp by 0.9% in the 3rd quarter. Voya Investment Management LLC now owns 759,974 shares of the company’s stock valued at $8,056,000 after buying an additional 7,131 shares during the period. GAMMA Investing LLC grew its stake in shares of Valley National Bancorp by 16.3% in the third quarter. GAMMA Investing LLC now owns 11,368 shares of the company’s stock worth $121,000 after acquiring an additional 1,594 shares in the last quarter. Finally, Corient Private Wealth LLC increased its position in shares of Valley National Bancorp by 46.0% during the second quarter. Corient Private Wealth LLC now owns 78,035 shares of the company’s stock worth $697,000 after acquiring an additional 24,590 shares during the period. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Valley National Bancorp Stock Performance

Shares of VLY opened at $12.02 on Friday. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 13.66 and a beta of 1.10. Valley National Bancorp has a 52-week low of $7.48 and a 52-week high of $12.18. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $11.05 and a 200 day moving average price of $10.25.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. Valley National Bancorp had a net margin of 14.86% and a return on equity of 6.67%. The company had revenue of $511.08 million for the quarter, compared to analysts’ expectations of $511.47 million. During the same quarter last year, the company earned $0.18 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts predict that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.7%. The ex-dividend date is Monday, December 15th. Valley National Bancorp’s dividend payout ratio is currently 50.00%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on VLY. Barclays reiterated a “positive” rating on shares of Valley National Bancorp in a report on Wednesday, October 8th. Royal Bank Of Canada boosted their price objective on Valley National Bancorp from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Wall Street Zen upgraded shares of Valley National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 3rd. TD Cowen lifted their price target on shares of Valley National Bancorp from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Finally, Citigroup raised shares of Valley National Bancorp from a “neutral” rating to a “buy” rating and increased their price objective for the company from $10.00 to $13.50 in a research report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Valley National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $13.37.

Valley National Bancorp Company Profile

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.