Valley National Bank (NYSE:VLY) is opening its vault for another shareholder payout. The company has declared a quarterly common stock dividend of $0.1625 per share, to be paid on October 1 to shareholders of record as of September 13. That amount matches all of the bank's preceding distributions stretching back to July 2012. Prior to that, the company dispensed $0.1643 per share.
In the press release announcing the news, Valley National cautioned that the upcoming payout "should not be used as an indicator of future dividends to Valley's stockholders."
The just-declared distribution annualizes to $0.65 per share. That yields 6.1% at the bank's current stock price of $10.61.
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