Valley National Bancorp $VLY Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its stake in Valley National Bancorp (NASDAQ:VLY) by 4.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,485,793 shares of the company’s stock after selling 126,504 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.45% of Valley National Bancorp worth $36,417,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of VLY. Cedar Mountain Advisors LLC acquired a new stake in Valley National Bancorp during the first quarter worth approximately $26,000. Assetmark Inc. increased its holdings in shares of Valley National Bancorp by 123.7% during the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Valley National Bancorp during the 4th quarter worth $26,000. First Horizon Corp raised its position in shares of Valley National Bancorp by 52.5% in the 4th quarter. First Horizon Corp now owns 3,219 shares of the company’s stock worth $38,000 after buying an additional 1,108 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new position in shares of Valley National Bancorp in the 4th quarter worth $39,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Insider Activity at Valley National Bancorp

In related news, CAO Mitchell L. Crandell sold 25,495 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the sale, the chief accounting officer owned 76,116 shares of the company’s stock, valued at $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.06% of the stock is owned by corporate insiders.

Valley National Bancorp Price Performance

VLY stock opened at $14.77 on Wednesday. Valley National Bancorp has a 1 year low of $9.36 and a 1 year high of $15.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $8.16 billion, a P/E ratio of 12.52 and a beta of 1.04. The stock has a 50-day simple moving average of $14.46 and a 200-day simple moving average of $13.46.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). Valley National Bancorp had a return on equity of 9.13% and a net margin of 19.49%.The business had revenue of $560.74 million for the quarter, compared to analyst estimates of $557.16 million. During the same quarter last year, the company earned $0.23 EPS. Valley National Bancorp’s revenue was up 13.3% compared to the same quarter last year. On average, equities analysts predict that Valley National Bancorp will post 1.28 earnings per share for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.11 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.0%. Valley National Bancorp’s dividend payout ratio (DPR) is 37.29%.

Analyst Ratings Changes

A number of research firms have issued reports on VLY. Morgan Stanley reissued a “positive” rating on shares of Valley National Bancorp in a research report on Monday, June 29th. Barclays lifted their price objective on Valley National Bancorp from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Truist Financial increased their target price on shares of Valley National Bancorp from $15.50 to $16.50 and gave the stock a “buy” rating in a research report on Friday, July 10th. Weiss Ratings restated a “buy (b)” rating on shares of Valley National Bancorp in a report on Monday, July 6th. Finally, UBS Group set a $17.00 price target on shares of Valley National Bancorp in a research report on Tuesday, July 7th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.03.

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.