Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the NASDAQ Global Select Market under the ticker symbol "VLY". There were 7,183 shareholders of record as of December 31, 2022.
Performance Graph
The following graph compares the cumulative total return on a hypothetical $100 investment made on December 31, 2017 in: (a) Valley’s common stock; (b) the KBW Regional Banking Index (KRX) and (c) the Standard and Poor’s (S&P) 500 Stock Index. The graph is calculated assuming that all dividends are reinvested during the relevant periods. The graph shows how a $100 investment would increase or decrease in value over time based on dividends (stock or cash) and increases or decreases in the market price of the stock.
12/17 12/18 12/19 12/20 12/21 12/22
Valley $ 100.00 $ 82.21 $ 110.38 $ 99.27 $ 144.72 $ 123.58
KBW Regional Banking Index (KRX) 100.00 82.51 102.20 93.33 127.53 118.71
S&P 500 100.00 95.61 125.70 148.81 191.48 156.77
32
2022 Form 10-K
The information under “Performance Graph” is not deemed to be “filed” with the SEC and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent specifically incorporated by reference into such a filing.
Issuer Repurchase of Equity Securities
The following table presents the purchases of equity securities by the issuer and affiliated purchasers during the three months ended December 31, 2022:
Period Total Number of
Shares Purchased (1)
Average Price
Paid Per
Share Total Number of Shares
Purchased as Part of
Publicly Announced
Plans (2) (3)
Maximum Number of
Shares that May Yet Be
Purchased Under the Plans (3)
October 1, 2022 to October 31, 2022 1,220 $ 10.95 — 25,000,000
November 1, 2022 to November 30, 2022 2,389 11.73 — 25,000,000
December 1, 2022 to December 31, 2022 5,734 11.94 — 25,000,000
Total 9,343 $ 11.76 —
(1) Includes repurchases made in connection with the vesting of employee restricted stock awards.
(2) On January 17, 2007, Valley publicly announced its intention to repurchase up to 4.7 million outstanding common shares in the open market or in privately negotiated transactions. On April 26, 2022, Valley terminated its 2007 stock repurchase plan.
(3) On April 26, 2022, Valley publicly announced a stock repurchase program for up to 25 million shares of Valley common stock. The authorization to repurchase will expire on April 25, 2024.
Recent Stock Issuance. On October 8, 2021, Valley acquired certain subsidiaries of Dudley Ventures, LLC (See Note 2 to the consolidated financial statements). Per the terms of the merger agreement, we subsequently issued 327,083 shares of our common stock to the two former principals of Dudley Ventures on February 8, 2023 as partial consideration for the transaction. The value of the issued shares amounted to approximately $3.75 million. The shares were issued pursuant to and in accordance with exemption from registration under Section 4(a)(2) of the Securities Act for transactions by an issuer not involving a public offering.
Item 6. [Reserved]