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

Wedge Capital Management L L P NC decreased its holdings in Valley National Bancorp (NASDAQ:VLY) by 24.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,817,726 shares of the company’s stock after selling 927,560 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Valley National Bancorp were worth $32,911,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Valley National Bancorp by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 282,143 shares of the company’s stock valued at $2,508,000 after buying an additional 15,771 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Valley National Bancorp during the first quarter worth about $191,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Valley National Bancorp by 21.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,445,644 shares of the company’s stock worth $12,852,000 after acquiring an additional 255,870 shares during the period. Focus Partners Wealth boosted its holdings in Valley National Bancorp by 34.9% in the first quarter. Focus Partners Wealth now owns 60,868 shares of the company’s stock valued at $541,000 after acquiring an additional 15,761 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in Valley National Bancorp during the 2nd quarter valued at approximately $119,000. 61.00% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Carlos J. Vazquez purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average cost of $13.45 per share, with a total value of $33,625.00. Following the purchase, the director 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.43% of the company’s stock.

Valley National Bancorp Stock Down 2.0%

Valley National Bancorp stock opened at $11.95 on Friday. The company has a market capitalization of $6.64 billion, a PE ratio of 11.83 and a beta of 1.07. Valley National Bancorp has a 12-month low of $7.48 and a 12-month high of $13.87. The firm’s fifty day moving average is $12.59 and its 200 day moving average is $11.65. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.40.

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

Valley National Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Valley National Bancorp from $14.00 to $14.50 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Raymond James Financial raised shares of Valley National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $15.00 target price for the company in a research note on Friday, January 30th. Cantor Fitzgerald upped their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. TD Cowen lifted their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Citigroup restated a “buy” rating on shares of Valley National Bancorp in a research report on Monday, February 2nd. Two equities research 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 has a consensus rating of “Moderate Buy” and a consensus price target 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.