Wedge Capital Management L L P NC Grows Stake in Valley National Bancorp $VLY

Key Points

• Wedge Capital Management L L P NC increased its holdings in Valley National Bancorp by 4.9%, owning approximately 3.8 million shares valued at $34.03 million at the end of Q2.
• Valley National Bancorp reported an EPS of $0.23 for the latest quarter, surpassing the consensus estimate by $0.01, with revenues totaling $495.01 million.
• The company announced a $0.11 quarterly dividend with an upcoming payment date of October 1st, representing a yield of 4.0%.

Wedge Capital Management L L P NC boosted its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 4.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,810,868 shares of the company's stock after acquiring an additional 179,146 shares during the period. Wedge Capital Management L L P NC owned 0.68% of Valley National Bancorp worth $34,031,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Voya Investment Management LLC grew its stake in Valley National Bancorp by 14.9% in the first quarter. Voya Investment Management LLC now owns 643,898 shares of the company's stock worth $5,724,000 after purchasing an additional 83,573 shares during the period. Strs Ohio purchased a new stake in shares of Valley National Bancorp in the 1st quarter worth $420,000. Intech Investment Management LLC increased its position in Valley National Bancorp by 40.7% during the 1st quarter. Intech Investment Management LLC now owns 502,987 shares of the company's stock valued at $4,472,000 after buying an additional 145,549 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of 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 purchasing an additional 15,761 shares during the period. Finally, Bayforest Capital Ltd grew its holdings in Valley National Bancorp by 870.4% in the first quarter. Bayforest Capital Ltd now owns 60,000 shares of the company's stock valued at $533,000 after purchasing an additional 53,817 shares during the period. Hedge funds and other institutional investors own 61.00% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on VLY. Hovde Group assumed coverage on Valley National Bancorp in a research note on Wednesday, September 10th. They set an "outperform" rating and a $12.50 target price for the company. Cantor Fitzgerald assumed coverage on Valley National Bancorp in a report on Wednesday, September 10th. They issued an "overweight" rating and a $12.00 price target on the stock. Barclays reissued an "underweight" rating on shares of Valley National Bancorp in a research note on Tuesday, July 8th. Wall Street Zen lowered Valley National Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Morgan Stanley raised their target price on Valley National Bancorp from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Tuesday, September 9th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Valley National Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $11.85.

Valley National Bancorp Stock Performance

Shares of NASDAQ:VLY traded down $0.22 on Monday, hitting $10.73. 8,308,415 shares of the company were exchanged, compared to its average volume of 9,021,622. The company's 50 day moving average price is $9.98 and its two-hundred day moving average price is $9.20. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.76 and a beta of 1.13. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. Valley National Bancorp has a one year low of $7.48 and a one year high of $11.12.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The business had revenue of $495.01 million for the quarter, compared to analysts' expectations of $495.79 million. During the same period in the prior year, the firm earned $0.13 earnings per share. Valley National Bancorp's revenue was up 9.3% compared to the same quarter last year. Research analysts expect that Valley National Bancorp will post 0.99 earnings per share for the current year.

Valley National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.11 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 4.1%. Valley National Bancorp's dividend payout ratio (DPR) is currently 56.41%.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.