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

Wedge Capital Management L L P NC cut its stake in shares of Valley National Bancorp (NASDAQ:VLY) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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’s holdings in Valley National Bancorp were worth $36,417,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of VLY. Cedar Mountain Advisors LLC acquired a new stake in shares of Valley National Bancorp during the first quarter worth $26,000. Assetmark Inc. increased its stake in Valley National Bancorp by 123.7% in the 1st quarter. Assetmark Inc. now owns 2,150 shares of the company’s stock worth $26,000 after purchasing an additional 1,189 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Valley National Bancorp during the 4th quarter worth about $26,000. First Horizon Corp lifted its stake in Valley National Bancorp by 52.5% during the fourth quarter. First Horizon Corp now owns 3,219 shares of the company’s stock valued at $38,000 after buying an additional 1,108 shares in the last quarter. Finally, Geneos Wealth Management Inc. acquired a new position in shares of Valley National Bancorp in the fourth quarter worth about $39,000. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Valley National Bancorp news, CAO Mitchell L. Crandell sold 25,495 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.06% of the stock is currently owned by corporate insiders.

Valley National Bancorp Stock Up 0.8%

Valley National Bancorp stock opened at $14.77 on Wednesday. The firm’s 50 day moving average price is $14.46 and its two-hundred day moving average price is $13.46. The firm has a market cap of $8.16 billion, a PE ratio of 12.52 and a beta of 1.04. Valley National Bancorp has a twelve month low of $9.36 and a twelve month 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.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.30 earnings per share (EPS) 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 company had revenue of $560.74 million for the quarter, compared to the consensus estimate of $557.16 million. During the same quarter last year, the company posted $0.23 EPS. The business’s revenue was up 13.3% compared to the same quarter last year. On average, research analysts predict that Valley National Bancorp will post 1.28 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

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

Analysts Set New Price Targets

VLY has been the topic of a number of recent analyst reports. Hovde Group boosted their price target on shares of Valley National Bancorp from $16.00 to $16.50 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Cantor Fitzgerald boosted their target price on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. reduced their target price on Valley National Bancorp from $17.50 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Truist Financial lifted their price target on Valley National Bancorp from $15.50 to $16.50 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Piper Sandler upped their price target on Valley National Bancorp from $16.00 to $16.50 and gave the company an “overweight” rating in a research report on Friday, June 26th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.03.

About Valley National Bancorp

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.