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Cash Dividend On The Way From Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities

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Shutterstock photo

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On 12/7/16, Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities (Symbol: VLY.PRA) will trade ex-dividend, for its quarterly dividend of $0.3906, payable on 12/30/16. As a percentage of VLY.PRA's recent share price of $25.84, this dividend works out to approximately 1.51%, so look for shares of VLY.PRA to trade 1.51% lower - all else being equal - when VLY.PRA shares open for trading on 12/7/16. On an annualized basis, the current yield is approximately 6.06%, which compares to an average yield of 5.73% in the "Financial" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of VLY.PRA shares, versus VLY:

Performance Comparison Chart

Below is a dividend history chart for VLY.PRA, showing historical dividends prior to the most recent $0.3906 on Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities:

VLY.PRA+Dividend+History+Chart

According to the ETF Finder at ETF Channel, Valley National Bancorp (Symbol: VLY) makes up 1.94% of the PowerShares KBW Regional Banking Portfolio ETF ( KBWR ) which is trading up by about 1.3% on the day Monday.

In Monday trading, Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities (Symbol: VLY.PRA) is currently up about 0.3% on the day, while the common shares (Symbol: VLY) are up about 1.5%.

Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen »

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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VLY KBWR