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:
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:
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%.
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