Valley Natl Bancorp Stock Price, News & Analysis

Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its Q3 2024 earnings before market open on Thursday, October 24, 2024. Following the release, CEO Ira Robbins will host a conference call at 11:00 AM (ET) on the same day to discuss the results.

Interested parties can pre-register for the call using a provided link to receive dial-in information. The call will also be webcast live and archived on Valley's website until December 2, 2024. Investor presentation materials will be made available on the company's website prior to the conference call.

Valley National Bancorp (NASDAQ:VLY) has announced its regular quarterly preferred and common stock dividends. For shareholders of record on September 13, 2024, the following dividends will be paid:

• $0.390625 per share on Series A Non-Cumulative Perpetual Preferred Stock
• $0.598871 per share on Series B Non-Cumulative Perpetual Preferred Stock
• $0.320833 per share on Series C Non-Cumulative Perpetual Preferred Stock
• $0.11 per share on common stock

All preferred stock dividends will be paid on September 30, 2024, while the common stock dividend will be paid on October 1, 2024. The common stock dividend remains unchanged from the previous quarter.

Valley National Bancorp (NASDAQ: VLY) has announced the pricing of a public offering of 6,000,000 shares of its 8.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C. The offering is expected to raise $150 million in gross proceeds, with each share priced at $25. Dividends will accrue quarterly at 8.250% per annum until September 30, 2029, after which the rate will reset based on the five-year U.S. treasury rate plus 4.182%.

The underwriters have a 30-day option to purchase up to 900,000 additional shares. Valley plans to list the Preferred Stock on the Nasdaq Global Select Market within 30 days of issuance. The offering is set to close on August 5, 2024. Proceeds will be used for general corporate purposes and to boost regulatory capital at Valley National Bank.

KBRA has assigned and affirmed ratings for Valley National Bancorp (NASDAQ: VLY) and its lead subsidiary, Valley National Bank. Key points include:

1. Preferred stock rating of BBB- assigned to VLY
2. Senior unsecured debt rating of BBB+ affirmed
3. Subordinated debt rating of BBB affirmed
4. Short-term debt rating of K2 affirmed
5. Stable outlook for all long-term ratings

The ratings are supported by VLY's strong credit quality track record and regional diversification. However, challenges include elevated CRE concentration, below-peer earnings, and capital levels. VLY aims to increase its CET1 ratio to 10% by year-end 2024 and reduce CRE concentration below 400% in 1-2 years.

Valley National Bancorp (NASDAQ:VLY) reported net income of $70.4 million ($0.13 per diluted share) for Q2 2024, down from $96.3 million ($0.18 per share) in Q1 2024 and $139.1 million ($0.27 per share) in Q2 2023. Adjusted net income was $71.6 million ($0.13 per share). Key highlights include:

- Net interest income increased to $403.0 million, up $8.1 million from Q1 2024
- Total loans grew 3.1% annualized to $50.3 billion
- Deposits increased $1.0 billion to $50.1 billion
- Provision for credit losses rose to $82.1 million
- Non-performing assets increased to $312.9 million (0.60% of total loans)
- Allowance for credit losses for loans increased to 1.06% of total loans

The company completed a credit risk transfer transaction on $1.5 billion of auto loans, boosting capital ratios by approximately 20 basis points.

Valley National Bancorp (NASDAQ: VLY) will release its second quarter 2024 earnings before the market opens on Thursday, July 25, 2024. CEO Ira Robbins will discuss the earnings during a conference call at 11:00 AM (ET) the same day. Interested parties can pre-register to receive the necessary dial-in information and personal PIN for the call. The teleconference will be webcast live and archived on Valley's website until September 2, 2024. Investor presentation materials will be available prior to the call at www.valley.com.

Valley National Bancorp (NASDAQ: VLY) announced the appointment of John P. Regan as Senior Executive Vice President—Chief Risk Officer, effective June 24, 2024. Regan will succeed Raja A. Dakkuri, who is leaving the company. Regan brings over 30 years of banking industry experience, having held senior roles at KPMG, Investors Bancorp, and the Industrial and Commercial Bank of China. He will report directly to CEO Ira Robbins and oversee Valley's enterprise risk management program. CEO Robbins expressed confidence in Regan’s ability to enhance Valley's risk management framework and culture.

Valley National Bancorp (NASDAQ:VLY) has declared regular quarterly dividends for its preferred and common stockholders.

Preferred stockholders will receive $0.390625 per share on Series A and $0.577693 per share on Series B. These will be paid on July 1, 2024, and June 28, 2024, respectively.

Common stockholders will receive $0.11 per share, to be paid on July 2, 2024. The common stock dividend remains unchanged from the previous quarter.

Record date for all dividends is June 13, 2024, and the announcement emphasizes that the common cash dividend should not be used as an indicator for future dividends.

Valley National Bancorp (NASDAQ: VLY) released its 2023 Corporate Social Responsibility (CSR) Report, investing over $3 billion in supporting communities across various states. The report highlights significant contributions in community development loans, multi-family and residential mortgage loans, community development investments, loans for small businesses, and charitable donations. Valley's CSR initiatives focus on affordable housing, entrepreneurship, economic and community development, and local leadership.