Valley Natl Bancorp Stock Price, News & Analysis

Valley National Bancorp (NASDAQ:VLY) declared its quarterly dividends for shareholders of record on December 15, 2022. The dividends include: $0.390625 per share for Non-Cumulative Perpetual Preferred Stock Series A and $0.458295 per share for Series B, both payable on December 30, 2022. Additionally, a cash dividend of $0.11 per share on common stock will be paid on January 3, 2023. Notably, the common stock dividend remains unchanged from the previous quarter.

Valley National Bancorp (NASDAQ:VLY) reported third-quarter 2022 net income of $178.1 million, equating to $0.34 per diluted share, up from $122.6 million or $0.29 per diluted share in Q3 2021. Adjusted net income was $181.5 million or $0.35 per diluted share. Net interest income rose $35.7 million to $455.3 million, driven by organic loan growth. Total loans increased $1.6 billion to $45.2 billion. Non-interest income fell to $56.2 million, while non-interest expenses decreased $38.1 million. The efficiency ratio improved to 49.76%.

Valley National Bancorp (NASDAQ:VLY) will announce its third quarter 2022 earnings on October 27, 2022, before market opening. CEO Ira Robbins will lead a conference call at 11:00 AM ET to discuss the results, accessible via toll-free number 800-715-9871, Conference ID: 9870349. The call will also be available through a live webcast and archived on Valley's website until November 28, 2022. Valley National Bank, a regional bank with over $54 billion in assets, operates across several states, emphasizing customer service and community support.

Valley National Bancorp (NASDAQ: VLY) has released its 2021 Corporate Social Responsibility (CSR) Report, showcasing over $3.1 billion in investments aimed at strengthening communities across New York, New Jersey, Florida, and Alabama. The bank allocated $468 million for community development loans and $337 million for multi-family loans. Additionally, it provided over 6,100 small business loans and contributed $3.7 million in charitable donations. The report underscores Valley's commitment to affordable housing, economic development, and social impact initiatives.

Valley National Bancorp (NASDAQ:VLY) has announced the pricing of $150 million in 6.25% Fixed-to-Floating Rate Notes due 2032. The interest will be 6.25% until September 30, 2027, after which it will shift to a floating rate based on the Three-Month Term SOFR plus 278 basis points. Proceeds from the offering will finance social and green assets as per their Sustainable Financing Framework. The offering closes on September 20, 2022, with Piper Sandler and Morgan Stanley as joint managers.

Valley National Bank (NASDAQ: VLY) launched a new Community Lending platform aimed at providing financial products and resources to women and minority-owned businesses. This initiative follows over 6,181 small business loans made in low-to-moderate-income areas in 2021. The platform streamlines the lending process, reducing paperwork and considering personal and business credit scores for loan qualifications. Under the leadership of Thais R. Sullivan, the Community Lending team aims to foster long-term growth for underserved businesses across multiple states.

Valley National Bancorp (NASDAQ:VLY) announced its regular dividends for shareholders, payable on September 30, 2022. The cash dividends include $0.390625 per share for 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. Additionally, a cash dividend of $0.11 per share on common stock will be paid on October 3, 2022. The common stock cash dividend remains unchanged from the previous quarter.

Valley National Bancorp (NASDAQ:VLY) has announced a strategic investment of $25 million in The Garage, a venture capital fund focused on early-stage startups in fintech, AI, and cyber. This move aims to bolster Valley's digital transformation and provide Israeli fintech startups with faster access to the U.S. market. The Garage, managed by experienced professionals from Israel, will facilitate integration with Valley’s systems. Valley emphasizes that innovation is essential for staying relevant in a changing banking environment.