Wedge Capital Management L L P NC raised its position in Valley National Bancorp (NASDAQ:VLY - Free Report) by 4.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,810,868 shares of the company's stock after buying an additional 179,146 shares during the quarter. Wedge Capital Management L L P NC owned about 0.68% of Valley National Bancorp worth $34,031,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in Valley National Bancorp by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 1,100,892 shares of the company's stock valued at $9,787,000 after buying an additional 10,996 shares during the period. GAMMA Investing LLC increased its holdings in Valley National Bancorp by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 9,325 shares of the company's stock valued at $83,000 after buying an additional 1,709 shares during the period. Hourglass Capital LLC grew its holdings in shares of Valley National Bancorp by 6.3% during the 1st quarter. Hourglass Capital LLC now owns 444,513 shares of the company's stock valued at $3,952,000 after purchasing an additional 26,280 shares during the last quarter. OneDigital Investment Advisors LLC grew its holdings in shares of Valley National Bancorp by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 17,058 shares of the company's stock valued at $152,000 after purchasing an additional 4,261 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Valley National Bancorp by 230.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 147,833 shares of the company's stock valued at $1,314,000 after purchasing an additional 103,159 shares during the last quarter. 61.00% of the stock is owned by institutional investors.
Valley National Bancorp Trading Up 0.6%
Shares of NASDAQ VLY traded up $0.07 during midday trading on Tuesday, reaching $10.80. The stock had a trading volume of 5,438,687 shares, compared to its average volume of 9,000,356. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 13.84 and a beta of 1.13. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $11.12. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The company's 50 day moving average price is $10.00 and its 200 day moving average price is $9.22.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The firm had revenue of $495.01 million for the quarter, compared to the consensus estimate of $495.79 million. Valley National Bancorp had a net margin of 12.87% and a return on equity of 5.89%. The company's revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 EPS. As a group, sell-side analysts expect that Valley National Bancorp will post 0.99 EPS for the current year.
Valley National Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 4.1%. Valley National Bancorp's payout ratio is 56.41%.
Analyst Ratings Changes
VLY has been the topic of several research reports. Citigroup raised shares of Valley National Bancorp from a "neutral" rating to a "buy" rating and lifted their price target for the company from $10.00 to $13.50 in a report on Monday, September 15th. Wall Street Zen lowered shares of Valley National Bancorp from a "hold" rating to a "sell" rating in a report on Saturday. Barclays reaffirmed an "underweight" rating on shares of Valley National Bancorp in a report on Tuesday, July 8th. Hovde Group initiated coverage on shares of Valley National Bancorp in a report on Wednesday, September 10th. They set an "outperform" rating and a $12.50 price target on the stock. Finally, Royal Bank Of Canada lifted their price target on shares of Valley National Bancorp from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $11.85.
Get Our Latest Research Report on VLY
Valley National Bancorp Profile
(
Free Report)
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.
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