Insider Selling: Valley National Bancorp (NASDAQ:VLY) CAO Sells $372,991.85 in Stock

Valley National Bancorp (NASDAQ:VLY) CAO Mitchell Crandell sold 25,495 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $14.63, for a total transaction of $372,991.85. Following the completion of the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Valley National Bancorp Price Performance

NASDAQ:VLY opened at $13.91 on Thursday. The firm has a market cap of $7.71 billion, a PE ratio of 12.53 and a beta of 1.03. Valley National Bancorp has a 12 month low of $8.36 and a 12 month high of $14.72. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average price is $13.50 and its two-hundred day moving average price is $12.70.

Valley National Bancorp (NASDAQ:VLY) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. During the same period in the previous year, the business earned $0.18 earnings per share. On average, equities analysts anticipate that Valley National Bancorp will post 1.29 EPS for the current fiscal year.

Valley National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.11 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.44 dividend on an annualized basis and a yield of 3.2%. Valley National Bancorp’s payout ratio is 39.64%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $16.00 target price (up from $15.50) on shares of Valley National Bancorp in a research note on Monday, April 27th. JPMorgan Chase & Co. boosted their target price on shares of Valley National Bancorp from $14.50 to $15.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Hovde Group boosted their target price on shares of Valley National Bancorp from $16.00 to $16.50 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Keefe, Bruyette & Woods boosted their target price on shares of Valley National Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a research note on Thursday, April 9th. Finally, National Bank Financial set a $17.00 target price on shares of Valley National Bancorp in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $15.13.

Institutional Investors Weigh In On Valley National Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its stake in shares of Valley National Bancorp by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 30,478,489 shares of the company’s stock worth $323,072,000 after buying an additional 88,894 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Valley National Bancorp by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 13,029,085 shares of the company’s stock worth $152,200,000 after buying an additional 247,651 shares during the last quarter. Azora Capital LP bought a new stake in shares of Valley National Bancorp during the third quarter worth approximately $103,120,000. Victory Capital Management Inc. raised its stake in shares of Valley National Bancorp by 9.2% during the third quarter. Victory Capital Management Inc. now owns 8,333,597 shares of the company’s stock worth $88,336,000 after buying an additional 702,774 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Valley National Bancorp by 1,013.8% during the fourth quarter. Marshall Wace LLP now owns 6,831,049 shares of the company’s stock worth $79,787,000 after buying an additional 6,217,716 shares during the last quarter. 61.00% of the stock is owned by institutional investors.

About Valley National Bancorp

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.