Wedge Capital Management L L P NC Has $32.91 Million Stock Position in Valley National Bancorp $VLY

Wedge Capital Management L L P NC lowered its holdings in Valley National Bancorp (NASDAQ:VLY) by 24.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,817,726 shares of the company’s stock after selling 927,560 shares during the period. Wedge Capital Management L L P NC owned approximately 0.51% of Valley National Bancorp worth $32,911,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Investment Management Company LLC lifted its holdings in shares of Valley National Bancorp by 0.9% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company’s stock worth $1,137,000 after acquiring an additional 951 shares during the period. CANADA LIFE ASSURANCE Co raised its position in Valley National Bancorp by 0.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 366,797 shares of the company’s stock valued at $3,881,000 after purchasing an additional 1,192 shares in the last quarter. Allworth Financial LP lifted its stake in Valley National Bancorp by 2.0% during the third quarter. Allworth Financial LP now owns 59,736 shares of the company’s stock worth $633,000 after purchasing an additional 1,198 shares during the last quarter. Sax Wealth Advisors LLC lifted its stake in Valley National Bancorp by 5.3% during the fourth quarter. Sax Wealth Advisors LLC now owns 23,794 shares of the company’s stock worth $278,000 after purchasing an additional 1,198 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of Valley National Bancorp by 0.8% in the 3rd quarter. New York State Common Retirement Fund now owns 145,783 shares of the company’s stock valued at $1,545,000 after purchasing an additional 1,200 shares in the last quarter. 61.00% of the stock is currently owned by institutional investors.

Valley National Bancorp Trading Down 2.0%

NASDAQ VLY opened at $11.95 on Friday. The company has a market cap of $6.64 billion, a price-to-earnings ratio of 11.83 and a beta of 1.07. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $13.87. 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 business’s fifty day moving average is $12.59 and its 200 day moving average is $11.65.

Valley National Bancorp (NASDAQ:VLY) last issued its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $524.31 million. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.13 EPS. As a group, sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.44 annualized dividend and a dividend yield of 3.7%. Valley National Bancorp’s dividend payout ratio is currently 43.56%.

Insider Transactions at Valley National Bancorp

In other Valley National Bancorp news, Director Carlos J. Vazquez acquired 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was acquired at an average price of $13.45 per share, for a total transaction of $33,625.00. Following the acquisition, the director directly owned 4,252 shares in the company, valued at $57,189.40. This represents a 142.69% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.43% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on VLY. Cantor Fitzgerald lifted their price target on Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Raymond James Financial raised Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 price objective on the stock in a research note on Friday, January 30th. Royal Bank Of Canada lifted their target price on Valley National Bancorp from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. TD Cowen increased their target price on shares of Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Valley National Bancorp from $12.50 to $13.00 and gave the company a “market perform” rating in a research note on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.64.

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.