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Barclays gives an Underweight recommendation for Valley National Bancorp (VLY)

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Valley National Bancorp’s recent filing unveils that its SEVP, CML Banking President CHILLURA JOSEPH unloaded Company’s shares for reported $0.41 million on Mar 11 ’24. In the deal valued at $8.18 per share,49,715 shares were sold. As a result of this transaction, CHILLURA JOSEPH now holds 545,249 shares worth roughly $4.37 million.

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Then, WILLIAMS SIDNEY S bought 673 shares, generating $6,979 in total proceeds. Upon buying the shares at $10.37, the Director now owns 21,605 shares.

Before that, CHILLURA JOSEPH sold 50,000 shares. Valley National Bancorp shares valued at $497,500 were divested by the SEVP, Chief Customer Officer at a price of $9.95 per share. As a result of the transaction, CHILLURA JOSEPH now holds 541,235 shares, worth roughly $4.34 million.

Barclays initiated its Valley National Bancorp [VLY] rating to an Underweight in a research note published on March 08, 2024; the price target was $8. A number of analysts have revised their coverage, including Citigroup’s analysts, who began to cover the stock in early December with a ‘”a Neutral”‘ rating. JP Morgan also remained covering VLY and has decreased its forecast on October 30, 2023 with a “Neutral” recommendation from previously “an Overweight” rating. Morgan Stanley revised its rating on September 27, 2023. It rated VLY as “an Underweight” which previously was an “an Equal-weight”.

Price Performance Review of VLY

On Tuesday, Valley National Bancorp [NASDAQ:VLY] saw its stock jump 2.43% to $8.02. Over the last five days, the stock has gained 5.11%. Valley National Bancorp shares have fallen nearly -26.15% since the year began. Nevertheless, the stocks have risen 21.70% over the past one year. While a 52-week high of $11.22 was reached on 01/02/24, a 52-week low of $6.61 was recorded on 04/30/24. SMA at 50 days reached $7.67, while 200 days put it at $8.77. A total of 3.88 million shares were traded, compared to the trading of 3.73 million shares in the previous session.

Levels Of Support And Resistance For VLY Stock

The 24-hour chart illustrates a support level at 7.94, which if violated will result in even more drops to 7.85. On the upside, there is a resistance level at 8.11. A further resistance level may holdings at 8.20. The Relative Strength Index (RSI) on the 14-day chart is 59.48, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.29, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 8.29%. Stochastics %K at 80.76% indicates the stock is a selling.

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