Valley National Bancorp Declares Its Regular Quarterly Preferred and Common Stock Dividends

Rhea-AI Summary

Valley National Bancorp (NASDAQ:VLY) announced its quarterly dividends for shareholders of record on June 15, 2022. A cash dividend of $0.390625 per share will be paid on the 6.25% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series A, and $0.34375 per share for the 5.50% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series B, both on June 30, 2022. Additionally, a cash dividend of $0.11 per share will be distributed for common stock on July 1, 2022. The common stock dividend remains unchanged from the previous quarter.

Positive

• Declared quarterly dividends demonstrating income stability for shareholders.
• Common stock dividend amount remains unchanged, indicating consistent shareholder returns.

Negative

• Warning that common cash dividend should not be used as an indicator of future dividends.

NEW YORK, May 17, 2022 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”), the holding company for Valley National Bank, announced today its regular preferred and common dividends.

The declared quarterly dividends to shareholders of record on June 15, 2022 are as follows:        

• A cash dividend of $0.390625 per share to be paid June 30, 2022 on Valley’s 6.25% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series A;
  
  
• A cash dividend of $0.34375 per share to be paid June 30, 2022 on Valley’s 5.50% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series B; and
  
  
• A cash dividend of $0.11 per share will be paid July 1, 2022 on Valley’s common stock.
  

The common stock cash dividend amount per share was unchanged as compared to the previous quarter dividend. The common cash dividend should not be used as an indicator of future dividends to Valley’s common stockholders.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $50 billion in assets, including our recent acquisition of Bank Leumi USA. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about Valley’s business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations, including the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions. These statements may be identified by such forward-looking terminology as “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties and Valley’s actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to those risk factors disclosed in Valley’s Annual Report on Form 10-K for the year ended December 31, 2021.

Contact: Travis Lan, SVP
Corporate Finance &
Business Development
(973) 686-5007

FAQ

What are the dividend amounts for VLY announced on May 17, 2022?

Valley National Bancorp announced a cash dividend of $0.390625 for Series A preferred stock, $0.34375 for Series B preferred stock, and $0.11 for common stock.

When will VLY's dividends be paid?

The dividends for preferred stocks will be paid on June 30, 2022, and the dividend for common stock will be paid on July 1, 2022.

How frequently are dividends paid by Valley National Bancorp?

Dividends are typically paid quarterly by Valley National Bancorp.

Is the dividend for common stock sustainable for VLY?

The press release indicates that the common cash dividend amount is unchanged, but it warns against using it as an indicator of future dividends.