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

Rhea-AI Summary

Valley National Bancorp (NASDAQ: VLY) declared its quarterly dividends, scheduled for distribution to shareholders on June 30, 2020. The preferred stock dividends include $0.390625 per share for Series A and $0.34375 for Series B. Additionally, a common stock dividend of $0.11 per share is set for July 1, 2020. Notably, the common stock dividend remained unchanged from the previous quarter. The bank, with $39 billion in assets, continues to focus on customer service and community support while navigating economic challenges.

Positive

• Stable common stock dividend of $0.11 per share indicates consistent returns for shareholders.
• Continued commitment to providing dividends enhances investor confidence.

Negative

• The unchanged common dividend may raise concerns among investors regarding future dividend sustainability.

NEW YORK, May 20, 2020 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY) (“Valley”), the holding company for Valley National Bank, announced today its regular quarterly preferred and common dividends. The declared quarterly dividends to shareholders of record on June 15, 2020 are as follows:

• A cash dividend of $0.390625 per share to be paid June 30, 2020 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, 2020 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, 2020 on Valley’s common stock.

The common stock cash dividend amount per share was unchanged as compared to the previous quarterly 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 $39 billion in assets. 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, 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 Service 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 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," "will," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," 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, 2019 and Form 10-Q for the quarterly period ended March 31, 2020.

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

FAQ

What is the dividend amount for Valley National Bancorp (VLY) in June 2020?

Valley National Bancorp declared a dividend of $0.11 per share for common stock, payable July 1, 2020.

When will Valley National Bancorp (VLY) pay dividends?

Dividends for Valley National Bancorp will be paid on June 30, 2020, for preferred stock and July 1, 2020, for common stock.

Is the common stock dividend for VLY sustainable?

The common stock dividend remains unchanged, but future sustainability is not guaranteed.