Stocks of Valley National Bancorp (NASDAQ:VLY) traded higher last session on Wall Street, up 4.73% to $9.52.
VLY stock price is now 22.27% away from the 50-day moving average and -6.28% away from the 200-day moving average. The market capitalization of the company currently stands at $4.99B.
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With the price target maintained at $10, JP Morgan recently Upgraded its rating from Neutral to Overweight for Valley National Bancorp (NASDAQ: VLY).
In other news, SANI SURESH L, Director bought 4,416 shares of the company’s stock on May 22. The stock was bought for $69,331 at an average price of $15.70. Upon completion of the transaction, the Director now directly owns 4,416 shares in the company, valued at $42040.32. An SEC document containing details of the transaction can be found on the SEC’s website. On May 12, Director MENDELSON AVNER bought 2,611 shares of the business’s stock. A total of $40,529 was incurred on buying the stock at an average price of $15.52. This leaves the insider owning 134,126 shares of the company worth $1.28 million. Insiders disposed of 316,230 shares of company stock worth roughly $3.01 million over the past 1 year. A total of 1.42% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in VLY stock. A new stake in Valley National Bancorp shares was purchased by LEEWARD INVESTMENTS, LLC – MA during the first quarter worth $14,145,000. BASSWOOD PARTNERS, L.L.C. invested $9,152,000 in shares of VLY during the first quarter. In the first quarter, FOUNDRY PARTNERS, LLC acquired a new stake in Valley National Bancorp valued at approximately $4,925,000. EJF CAPITAL LLC acquired a new stake in VLY for approximately $3,743,000. JANE STREET GROUP, LLC purchased a new stake in VLY valued at around $3,075,000 in the second quarter. In total, there are 450 active investors with 70.60% ownership of the company’s stock.
Wednesday’s opening bell rang with an opening price of $9.19 for Valley National Bancorp (NASDAQ: VLY). During the past 12 months, Valley National Bancorp has had a low of $6.39 and a high of $13.07. The fifty day moving average price for VLY is $7.82 and a two-hundred day moving average price translates $10.15 for the stock.
The latest earnings results from Valley National Bancorp (NASDAQ: VLY) was released for Mar, 2023. According to the Banks – Regional Company, earnings per share came in at $0.3, missing analysts’ expectations of $0.33 by -0.03. This compares to $0.27 EPS in the same period last year. The net profit margin was 24.80% and return on equity was 9.50% for VLY. The company reported revenue of $720.23 million for the quarter, compared to $340.46 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 111.55 percent. For the current quarter, analysts expect VLY to generate $493.67M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 07/03/2023. Investors who held shares on 06/15/2023 were paid a $0.11 dividend. On an annualized basis, this represents a $0.44 dividend and a 4.62% percent yield. There was an ex-dividend date of 06/14/2023 for this dividend. In terms of dividend payout ratio, VLY is presently at 38.10%.
Valley National Bancorp(VLY) Company Profile
Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments. The company offers non-interest bearing, savings, NOW, money market, and time deposit accounts; commercial and industrial, commercial real estate, residential mortgage, and automobile loans; loans secured by the cash surrender value of life insurance; home equity loans and lines of credit; and secured and unsecured other consumer loans. It also invests in various securities and interest-bearing deposits with other banks; and provides international banking services, such as standby and documentary letters of credit, and related products, as well as foreign exchange transactions, documentary collections, and foreign wire transfers services. In addition, the company offers investment services for individuals and small to medium sized businesses; and trusts and custom -tailored investment strategies for various retirement plans. Further, it provides trust services, such as living and testamentary trusts, investment management, custodial and escrow services, and estate administration to individuals; tax credit advisory services; property and casualty, life, health, and title insurance agency services; and health care equipment lending and other commercial equipment leasing services, as well as owns real estate related investments. Additionally, the company offers online, mobile, and telephone banking services; and overdraft, drive-in and night deposit, automated teller machine, remote deposit capture, and safe deposit facility services. The company was founded in 1927 and is headquartered in New York, New York.
