NEW YORK - Valley National Bancorp (NASDAQ:VLY), the parent company of Valley National Bank, has declared its regular quarterly dividends for both preferred and common shareholders. The payouts, set for the coming weeks, consist of three separate dividends across different stock categories.
The company will distribute a cash dividend of $0.390625 per share on its Non-Cumulative Perpetual Preferred Stock Series A on July 1, 2024. Shareholders of the Non-Cumulative Perpetual Preferred Stock Series B will receive a cash dividend of $0.577693 per share on June 28, 2024. Additionally, a cash dividend of $0.11 per share will be paid to common stockholders on July 2, 2024. Notably, the dividend amount per common share remains consistent with the previous quarter's distribution.
Investors should note that the common stock dividend should not be regarded as a guarantee of future dividend amounts for Valley National Bancorp's common stockholders.
Valley National Bank, as the principal subsidiary of Valley National Bancorp, operates as a regional bank with an approximate asset valuation of $61 billion. The bank maintains a network of branches and commercial banking offices across several U.S. states including New Jersey, New York, Florida, Alabama, California, and Illinois. Valley National Bank emphasizes providing convenient services, innovative solutions, and a team with substantial expertise to meet the needs of its customers. The institution also focuses on fostering community growth and prosperity.
The information disclosed in this announcement is based on a press release statement and includes forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Factors that might lead to such differences include those risk factors outlined in Valley National Bancorp's Annual Report on Form 10-K for the year ended December 31, 2023.
InvestingPro Insights
Valley National Bancorp (NASDAQ:VLY), known for its consistency in paying dividends, has recently declared its quarterly dividends for preferred and common shareholders. Reflecting on its commitment to shareholders, an InvestingPro Tip highlights that Valley National has maintained dividend payments for an impressive 51 consecutive years. This is a testament to the company's stability and dedication to returning value to its investors, even as market conditions fluctuate.
From a financial perspective, Valley National Bancorp's market capitalization stands at $3.59 billion USD, with a Price/Earnings (P/E) ratio of 8.32. This indicates that the company is trading at a lower multiple of its earnings, which could be appealing to value investors seeking potentially undervalized stocks. Additionally, the bank's dividend yield is notably high at 6.37%, which is particularly attractive for income-focused investors.
An important piece of financial data to consider is the company's revenue, which for the last twelve months as of Q1 2024, was reported at $1.755 billion USD. Although this represents a decrease of 8.29% from the previous year, it's crucial to interpret this metric in the context of the company's long-term performance and current market conditions.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/VLY. These tips include insights on the company's gross profit margins and analyst predictions regarding profitability for the year. Moreover, for those interested in obtaining a comprehensive set of investment tools and tips, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. With this subscription, investors can access a total of 7 InvestingPro Tips tailored to Valley National Bancorp, which could further guide investment decisions and strategies.
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