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Valley National Bancorp (NASDAQ:VLY), a $4.85 billion regional bank with a 52-year track record of consistent dividend payments according to InvestingPro, disclosed the outcomes of shareholder votes and the impending retirement of its President, Thomas A. Iadanza, in a recent SEC filing. The company’s CEO, Ira Robbins, is set to take over the role of President upon Iadanza’s departure, effective June 30, 2025.
During the Annual Meeting of Shareholders held on May 20, 2025, shareholders elected 11 directors to the company’s board, approved executive compensation on an advisory basis, and ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The bank, currently trading at a P/E ratio of 12.61 and offering a dividend yield of 4.87%, maintains a FAIR financial health score according to InvestingPro’s comprehensive analysis.
The filing revealed that a total of 504,327,113 shares were present or represented by proxy at the meeting, out of the 560,028,101 shares outstanding as of the record date, March 24, 2025.
For the election of directors, the filing listed the number of votes cast "For" and "Against" each nominee, along with abstentions and broker non-votes. The advisory approval of the named executive officers’ compensation received 432,771,357 votes "For," 12,558,006 "Against," and 1,793,494 abstentions, with 57,204,256 broker non-votes.
The ratification of KPMG LLP as the company’s independent auditor for the upcoming fiscal year garnered a substantial majority, with 501,431,320 votes "For," 2,343,411 "Against," and 552,382 abstentions.
This SEC filing provides shareholders and the public with the latest governance developments at Valley National Bancorp, reflecting the decisions made by its shareholders regarding the company’s leadership and oversight. InvestingPro analysis suggests the stock is currently undervalued, with analysts projecting continued profitability for the year ahead. For detailed insights and additional ProTips, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Valley National Bancorp reported its Q1 2025 earnings, which showed a slight miss on earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.18, falling short of the $0.19 forecast, while revenue was $478.4 million, below the expected $482.3 million. Despite these misses, the bank’s net interest margin increased for the fourth consecutive quarter, and core customer deposits grew by $600 million. Jefferies initiated coverage on Valley National with a Hold rating and set a price target of $10.00, acknowledging the bank’s financial improvements but expressing a cautious outlook due to its ongoing transitional phase. The bank’s efforts to enhance its net interest margin and strengthen its balance sheet were noted as positive developments by Jefferies. Additionally, Valley National’s net income for the quarter was $106 million, a decrease from $116 million in the previous quarter. The company continues to focus on optimizing deposit costs and expects lower charge-offs and provisions compared to 2024. Management remains confident in its strategic direction, highlighting opportunities from the bank’s diversification into new business lines and geographies.
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