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| Valley National Bancorp's Preferred Shares Cross 7.5% Yield MarkBy Preferred Stock Channel Staff, Friday, September 1, 2:17 PM ET
In trading on Friday, shares of Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities (NASDAQ:VLYPP) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.5625), with shares changing hands as low as $20.81 on the day. This compares to an average yield of 7.00% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, VLYPP was trading at a 15.12% discount to its liquidation preference amount, versus the average discount of 14.15% in the "Financial" category. The chart below shows the one year performance of VLYPP shares, versus VLY:
Below is a dividend history chart for VLYPP, showing historical dividend payments on Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities:
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Friday trading, Valley National Bancorp's 7 3/4% Trust Originated Preferred Securities (NASDAQ:VLYPP) is currently off about 0.4% on the day, while the common shares (NASDAQ:VLY) are up about 3%.
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