Mitchell Crandell Sells 25,495 Shares of Valley National Bancorp (NASDAQ:VLY) Stock

Key Points

• Valley National Bancorp CAO Mitchell Crandell sold 25,495 shares on June 12 at an average price of $14.63, reducing his stake by about 25% and leaving him with 76,116 shares.
• The stock slipped 1.4% to $14.43 in Monday trading, near its 52-week high of $14.72, with a market cap of about $7.99 billion.
• The bank reported solid quarterly results and a dividend, posting EPS of $0.29 versus $0.27 expected and declaring a $0.11 quarterly dividend, implying a 3.1% annualized yield.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) CAO Mitchell Crandell sold 25,495 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $14.63, for a total transaction of $372,991.85. Following the transaction, the chief accounting officer owned 76,116 shares in the company, valued at approximately $1,113,577.08. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Valley National Bancorp Trading Down 1.4%

Shares of VLY stock traded down $0.21 during trading hours on Monday, hitting $14.43. 1,830,324 shares of the company were exchanged, compared to its average volume of 7,284,482. The firm has a market cap of $7.99 billion, a PE ratio of 13.00 and a beta of 1.04. Valley National Bancorp has a 1 year low of $8.36 and a 1 year 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 firm has a fifty day moving average of $13.40 and a 200 day moving average of $12.64.

Valley National Bancorp (NASDAQ:VLY - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. Valley National Bancorp had a net margin of 18.61% and a return on equity of 8.68%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $531.89 million. During the same period in the prior year, the firm posted $0.18 EPS. Analysts expect that Valley National Bancorp will post 1.29 earnings per share 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 paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.1%. Valley National Bancorp's payout ratio is currently 39.64%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on VLY shares. Morgan Stanley reissued an "equal weight" rating and set a $15.00 price objective (up from $14.00) on shares of Valley National Bancorp in a research note on Wednesday, May 6th. National Bank Financial set a $17.00 price objective on shares of Valley National Bancorp in a research note on Monday, April 27th. JPMorgan Chase & Co. boosted their price objective on shares of Valley National Bancorp from $14.50 to $15.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. TD Cowen raised their price target on shares of Valley National Bancorp from $16.00 to $17.00 and gave the company a "buy" rating in a report on Monday, April 27th. Finally, Cantor Fitzgerald raised their price target on shares of Valley National Bancorp from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $15.13.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC raised its holdings in Valley National Bancorp by 24.5% in the fourth quarter. Parallel Advisors LLC now owns 4,347 shares of the company's stock valued at $51,000 after buying an additional 855 shares during the period. Ritholtz Wealth Management boosted its position in Valley National Bancorp by 5.6% in the 4th quarter. Ritholtz Wealth Management now owns 16,652 shares of the company's stock valued at $194,000 after buying an additional 888 shares during the last quarter. Bank of Montreal Can boosted its position in Valley National Bancorp by 2.1% in the 4th quarter. Bank of Montreal Can now owns 43,940 shares of the company's stock valued at $513,000 after buying an additional 918 shares during the last quarter. Rothschild Investment LLC boosted its position in Valley National Bancorp by 7.3% in the 4th quarter. Rothschild Investment LLC now owns 13,592 shares of the company's stock valued at $159,000 after buying an additional 923 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC boosted its position in Valley National Bancorp by 0.9% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 107,294 shares of the company's stock valued at $1,137,000 after buying an additional 951 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Valley National Bancorp Company Profile

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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