Key Points
- Valley National Bancorp CAO Mitchell Crandell sold 25,495 shares on June 12 at an average price of $14.63, totaling about $372,992. After the sale, he still held 76,116 shares, a 25.09% reduction in his position.
- The stock was down 2.3% and opened at $14.29, near its 52-week high of $14.72. The company has a market cap of $7.92 billion and a dividend yield of 3.1% based on its $0.11 quarterly payout.
- Valley National recently beat earnings expectations, reporting $0.29 EPS versus the $0.27 consensus, while analysts remain moderately bullish with an average target price of $15.13 and a consensus rating of “Moderate Buy.”
Valley National Bancorp (NASDAQ:VLY - Get Free Report) CAO Mitchell Crandell sold 25,495 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $14.63, for a total value of $372,991.85. Following the completion of the sale, the chief accounting officer directly owned 76,116 shares in the company, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Valley National Bancorp Stock Down 2.3%
Shares of NASDAQ VLY opened at $14.29 on Tuesday. The firm has a market cap of $7.92 billion, a price-to-earnings ratio of 12.87 and a beta of 1.04. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. Valley National Bancorp has a 52-week low of $8.36 and a 52-week high of $14.72. The business's 50 day moving average is $13.44 and its two-hundred day moving average is $12.66.
Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. Valley National Bancorp had a return on equity of 8.68% and a net margin of 18.61%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. During the same quarter in the previous year, the company earned $0.18 earnings per share. Research analysts predict that Valley National Bancorp will post 1.29 EPS for the current year.
Valley National Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.1%. Valley National Bancorp's dividend payout ratio is currently 39.64%.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on VLY shares. Cantor Fitzgerald upped their price objective on Valley National Bancorp from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 3rd. National Bank Financial set a $17.00 price objective on Valley National Bancorp in a research report on Monday, April 27th. TD Cowen upped their price objective on Valley National Bancorp from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on Valley National Bancorp from $14.50 to $15.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Finally, Royal Bank Of Canada upped their price objective on Valley National Bancorp from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.13.
Check Out Our Latest Analysis on Valley National Bancorp
Hedge Funds Weigh In On Valley National Bancorp
Large investors have recently bought and sold shares of the business. Cedar Mountain Advisors LLC purchased a new position in Valley National Bancorp in the first quarter valued at $26,000. Assetmark Inc. increased its holdings in Valley National Bancorp by 123.7% in the first quarter. Assetmark Inc. now owns 2,150 shares of the company's stock valued at $26,000 after buying an additional 1,189 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Valley National Bancorp in the fourth quarter valued at $26,000. First Horizon Corp increased its holdings in Valley National Bancorp by 52.5% in 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 during the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in Valley National Bancorp in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 61.00% of the company's stock.
Valley National Bancorp Company Profile
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Get Free Report)
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.
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