Wedge Capital Management L L P NC Makes New Investment in Valley National Bancorp (NASDAQ:VLY)

Wedge Capital Management L L P NC acquired a new position in Valley National Bancorp (NASDAQ:VLY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,631,722 shares of the company's stock, valued at approximately $32,286,000. Wedge Capital Management L L P NC owned approximately 0.65% of Valley National Bancorp at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in Valley National Bancorp in the 4th quarter worth approximately $31,490,000. Xponance Inc. boosted its position in Valley National Bancorp by 13.7% in the 4th quarter. Xponance Inc. now owns 66,588 shares of the company's stock worth $603,000 after purchasing an additional 8,032 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Valley National Bancorp by 27.8% in the 4th quarter. Bank of New York Mellon Corp now owns 6,101,280 shares of the company's stock worth $55,278,000 after purchasing an additional 1,327,829 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Valley National Bancorp by 9.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,612,156 shares of the company's stock worth $68,966,000 after purchasing an additional 640,933 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Valley National Bancorp by 9.8% during the 4th quarter. Principal Financial Group Inc. now owns 1,089,896 shares of the company's stock worth $9,874,000 after buying an additional 96,866 shares during the period. Hedge funds and other institutional investors own 61.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on VLY shares. Piper Sandler raised Valley National Bancorp from a "neutral" rating to an "overweight" rating and set a $11.00 target price for the company in a research note on Monday, March 24th. Truist Financial started coverage on Valley National Bancorp in a research note on Tuesday, May 13th. They set a "hold" rating and a $10.00 target price for the company. Barclays reduced their target price on Valley National Bancorp from $11.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Wall Street Zen downgraded Valley National Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Finally, Jefferies Financial Group started coverage on Valley National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $10.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.55.

Valley National Bancorp Stock Up 2.9%

NASDAQ VLY opened at $8.90 on Friday. The business has a fifty day moving average price of $8.62 and a 200 day moving average price of $9.27. Valley National Bancorp has a one year low of $6.47 and a one year high of $11.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $4.98 billion, a P/E ratio of 12.90 and a beta of 1.06.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.01). Valley National Bancorp had a return on equity of 5.14% and a net margin of 10.62%. The company had revenue of $479.67 million during the quarter, compared to analyst estimates of $483.98 million. During the same period last year, the business earned $0.19 earnings per share. Research analysts anticipate that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date is Friday, June 13th. Valley National Bancorp's dividend payout ratio (DPR) is presently 63.77%.

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.

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