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Valley National Bancorp director sells over $127k in stock

Published 23/05/2024, 17:32

In a recent transaction, Andrew B. Abramson, a director at Valley National Bancorp (NYSE:NASDAQ:VLY), sold 16,451 shares of the company's common stock. The transaction, dated May 22, 2024, involved shares sold at prices ranging from $7.72 to $7.73, with a weighted average price of $7.72 per share, resulting in a total sale value of approximately $127,001.

This sale follows an award of restricted stock units to Abramson under the Valley National Bancorp 2023 Incentive Compensation Plan, which vested in one year with certain exceptions. On May 21, 2024, Abramson acquired 10,982 restricted stock units at no cost, as disclosed in the footnotes of the filing.

Investors often monitor insider transactions, such as purchases and sales of company stock by directors and executives, for insights into management's perspective on the company's future prospects. In this case, Abramson's sale represents a notable change in his holdings, as indicated by the updated ownership figures following the transaction.

Following the sale, Abramson's direct holdings in Valley National Bancorp common stock decreased to 224,679 shares. Additionally, the report detailed holdings in other forms, including common stock held in an IRA, shares owned by Abramson's wife, and shares held in trust for family members.

Valley National Bancorp, headquartered in New York and incorporated in New Jersey, operates as a national commercial bank and is part of the financial sector. The company's stock, traded under the ticker symbol VLY, is part of the broader banking industry.

The details of the transactions, including the range of sale prices and the nature of the restricted stock units, were outlined in the footnotes of the SEC filing, providing transparency about the specifics of the sales and the conditions of the stock awards. As per the filing, Abramson has committed to providing full information regarding the number of shares sold at each separate price within the stated range upon request.

InvestingPro Insights

As investors digest the recent insider transaction at Valley National Bancorp (NYSE:VLY), it's crucial to consider the broader financial health and market performance of the company. According to InvestingPro, Valley National Bancorp has a market capitalization of $3.84 billion USD, reflecting its standing in the financial sector. Despite recent revisions by analysts, with 10 analysts having revised their earnings downwards for the upcoming period, the company has a track record of profitability. In fact, Valley National Bancorp has been profitable over the last twelve months as of Q1 2024, with a P/E ratio (adjusted) of 8.56, which is lower than the industry average, indicating potential undervaluation.

InvestingPro Tips highlight Valley National Bancorp's commitment to shareholder returns, having maintained dividend payments for an impressive 51 consecutive years. This dedication is further reflected in the company's dividend yield of 5.74% as of the last dividend date, which is an attractive figure for income-focused investors. However, the company does suffer from weak gross profit margins, which is a concern that should not be overlooked.

For those looking to delve deeper into Valley National Bancorp's financials and future prospects, additional InvestingPro Tips are available. With a total of 4 more tips listed on InvestingPro, investors can gain a comprehensive understanding of the company's performance and valuation. To access these insights and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

InvestingPro Data also reveals that the company has experienced a revenue decline of 8.29% over the last twelve months as of Q1 2024. However, with analysts predicting profitability this year, the future outlook could still be positive for Valley National Bancorp. The company's commitment to shareholder returns, coupled with its historical profitability, presents a nuanced picture for investors considering the stock in the context of the recent insider sale.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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