Valley Natl Bancorp Stock Price, News & Analysis

Valley National Bancorp (NASDAQ: VLY) has announced the appointments of Christopher M. Brigati and Peter Belasco as Senior Vice Presidents - Managing Directors of Municipal Investments. Their roles involve managing a municipal investment strategy and enhancing the Bank’s municipal offerings. Brigati brings over 20 years of experience, including significant roles at Morgan Stanley, while Belasco has more than 25 years in the municipal industry. This strategic hiring is part of Valley's commitment to developing a more dynamic Capital Markets and Wealth Management platform.

Valley National Bancorp (NASDAQ:VLY) will announce its fourth quarter 2020 earnings on January 28, 2021, before market opening. A conference call will follow at 11:00 AM ET, hosted by President and CEO Ira Robbins, allowing interested parties to join by calling 866-354-0432. The call will also be accessible via live webcast and will be archived on Valley's website until March 1, 2021. Valley, a regional bank with approximately $41 billion in assets, emphasizes supporting community growth.

Valley National Bancorp (NASDAQ:VLY) declared its quarterly dividends for common and preferred stock, payable to shareholders of record on December 15, 2020. The cash dividends include: $0.390625 per share on Series A Preferred Stock, $0.34375 per share on Series B Preferred Stock, both payable on December 30, 2020, and $0.11 per share on common stock, payable on January 4, 2021. The common stock dividend remains unchanged from the previous quarter, indicating stable shareholder returns.

Valley National Bancorp (NASDAQ:VLY) reported third-quarter 2020 net income of $102.4 million, or $0.25 per diluted share, up from $81.9 million in Q3 2019. Key financial metrics included net interest income of $284.1 million, a 1 basis point increase in net interest margin to 3.01%, and a $101 million increase in loans to $32.4 billion. The allowance for credit losses rose to $335.3 million, reflecting provisions for potential credit stress amid the COVID-19 pandemic. Non-interest income increased to $49.3 million, while non-interest expenses rose to $160.2 million, driven by employee-related costs and debt prepayment losses.

Valley National Bancorp (NASDAQ:VLY) will report its third quarter 2020 earnings on October 22, 2020, before market open. Following the release, President and CEO Ira Robbins will host a conference call at 11:00 AM (ET) to discuss the results. Interested participants can join by calling toll-free 866-354-0432 with Conference ID: 4969514. The teleconference will also be available via live webcast and archived on Valley's website until November 27, 2020.

Valley National Bancorp (NASDAQ:VLY) has announced its quarterly dividends for shareholders of record on September 15, 2020. The dividends are as follows: $0.390625 per share for Series A preferred stock and $0.34375 for Series B preferred stock, both payable on September 30, 2020. Additionally, a common stock dividend of $0.11 per share will be paid on October 1, 2020. The common dividend remains unchanged from the previous quarter, indicating stability in dividend policy.

Valley National Bancorp (NASDAQ: VLY) reported a net income of $95.6 million, or $0.23 per diluted share, for Q2 2020, up from $76.5 million in Q2 2019. Loans increased by $1.9 billion to $32.3 billion, largely due to $2.2 billion in SBA PPP loan originations. Net interest income rose to $283.5 million, boosted by reduced funding costs. However, net interest margin decreased to 3.00%. The allowance for credit losses rose to $319.7 million amid a challenging economic outlook, reflecting increased reserves for potential credit stress due to COVID-19.

Valley National Bancorp (NASDAQ:VLY) will announce its second quarter 2020 earnings before market opening on July 23, 2020. CEO Ira Robbins will host a conference call at 11:00 AM ET to discuss the earnings report. Interested parties can listen by calling 866-354-0432 using Conference ID: 2150739. The call will also be available as a live webcast and archived on the company’s website until August 28, 2020.

Valley National Bank, with approximately $39 billion in assets, operates across New Jersey, New York, Florida, and Alabama.

Valley National Bancorp (NASDAQ: VLY) has priced $115 million of 5.25% Fixed-to-Floating Rate Notes due 2030. The interest on these Notes will be fixed at 5.25% until June 15, 2025, after which it will shift to a floating rate based on Three-Month Term SOFR plus 514 basis points. Proceeds from this offering will enhance Tier 2 capital and support general corporate purposes. Closing is expected on June 5, 2020. Keefe, Bruyette & Woods, Morgan Stanley, and Piper Sandler are managing the offering.