Valley National Bancorp (VLY): Puzzling Price Reaction

The stock of Valley National Bancorp (NASDAQ:VLY) has been Initiated to Neutral by Citigroup in its latest research note that was published on June 18. VLY was given a price target of $14, with other Wall Street analysts also giving their reports regarding the stock. Sandler O’Neill analysts bumped their recommendation on VLY stock from Hold to Buy in a separate flash note to investors on April 26. Analysts at Piper Jaffray issued an upgrade fromNeutral to Overweight for the stock, in a research note that dated back to January 05.

Valley National Bancorp, which has current market capitalization of above $4 Billion, published its last quarter earnings on June 30, 2019.

VLY surged by $0.06 during the normal trading session on Thursday and reaching a high of $11.24 during the day while it closed the day at $11.17. The Valley stock had a low trading volume of 1.88 million shares on that day, which is low compared to the average daily volume of 1.89M shares. VLY has also gained 6.18% of its value over the past 7 days. However, the stock has surged by 7.92% in the 3 months of the year. Over the past six months meanwhile, it has gained 8.66% while it has added 25.79% year-on date. Let us now take a look at the stock’s potential support and resistance levels. The publicly traded company was seen to have slipped by -1.63% from its 3 months high price. However, taking another look at VLY will indicate that it is trading +12.15% away from its 90-day low. Looking at the bigger picture, the Valley National Bancorp stock has dropped by -7.99% from its 52-week high while it has surged by +32.66% from its 52-week low price.

On March 14, 2019 KORDE GERALD, Director sold 3100 shares of the company. The average price for that transaction was $10.19 per share, which meant that KORDE GERALD earned $31589 selling the stocks. The sale was made public, with the document of the transaction filed with the SEC. Another insider trading occurred, with Director, LARUSSO MICHAEL L selling 3100 shares of this stock on December 14, 2018. The average selling price for the stock was $9.32 per share, with the sold stock accruing $28892. Following this transaction, the Director LARUSSO MICHAEL L now holds 890352 shares of the company, which is worth around $9954135.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 86.3%. This figure is worse than the company’s 20-day Raw Stochastic average which currently stands at 93.95%. Over the past 20 days, Valley’s Stochastic %K stood at 97.98% while its Stochastic %D was revealed to be 94.12%.