At a glance
Valley National Bancorp is worth $7.79B, about 14 times its fiscal 2025 earnings. Revenue grew 9.3% to $2.03B in fiscal 2025, with 29.5% kept as profit; over 5 years it has grown 9.2% a year. It pays a 3.12% dividend yield, and returned $1.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +30.4% over the past year with dividends reinvested and +5.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.2% in the 2020 crash (S&P 500: 33.7%) and 31.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 43 months after the lows.
The business in plain English
Valley National Bancorp, based in Morristown, owns Valley National Bank, founded in 1927 and the largest commercial bank headquartered in New Jersey. As of December 31, 2025, the company had $64.1 billion in assets, $52.2 billion in deposits and 230 branches in New Jersey, New York, Florida, Alabama, California and Illinois. It serves consumers and small and mid-sized businesses with deposit accounts, loans, mortgages, insurance and wealth management. Nationally, it also offers banking for homeowners associations and cannabis-related businesses, plus venture banking.
Like other banks, Valley earns most of its money from net interest income, the gap between interest collected on loans and investments and interest paid on deposits and borrowings. In fiscal 2025 that was $1.76 billion of $2.03 billion in revenue. The other $262 million was noninterest income, such as fees from insurance, wealth management and interest rate swaps arranged for business clients.
Valley reports two operating segments, Commercial Banking and Consumer Banking; wealth management and insurance sit inside Consumer Banking. The loan book leans heavily on property. As of December 31, 2025, commercial real estate and construction loans were 58.3% of loans, and commercial and industrial loans to operating businesses were 21.9%. Valley is diversifying: its commercial real estate concentration ratio, which compares these loans with capital, fell to 333% from 474% two years earlier.
Price history
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VLY +30.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $560.7M, up 13.3% from a year earlier, and net income was $170.9M (+28.3%).
- For fiscal 2025, revenue was $2.03B (+9.3% year over year; +9.2% a year from FY2020 to FY2025) with a 29.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.2% good |
|---|---|
| Return on equity | 7.7% weak |
| Net income / revenue | 29.5% good |
| Deposits | $54.12B |
| Loans | $51.88B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.30B | $390.6M | — |
| FY2021 | $1.36B | $473.8M | — |
| FY2022 | $1.86B | $568.9M | — |
| FY2023 | $1.89B | $498.5M | — |
| FY2024 | $1.85B | $380.3M | — |
| FY2025 | $2.03B | $598.0M | — |
Valuation snapshot
| Market value | $7.79B |
|---|---|
| P/E ratio | 14 |
| Dividend yield | 3.12% |
Rank among 1514 US companies
Market value at each year end
Valley National Bancorp’s market value went from $2.96B at the end of 2016 to $7.79B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.79B | +19.6% |
| 2025 | $6.51B | +41.1% |
| 2024 | $4.61B | -16.3% |
| 2023 | $5.51B | -3.7% |
| 2022 | $5.73B | +2.3% |
| 2021 | $5.60B | +42.1% |
| 2020 | $3.94B | +3.7% |
| 2019 | $3.80B | +29.1% |
| 2018 | $2.94B | -0.8% |
| 2017 | $2.97B | +0.1% |
| 2016 | $2.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VLY price data to Oct 28, 2026 | +23.8% | +30.4% | +27.6% | +5.2% | +8.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.8% |
| 2025 | +34.8% |
| 2024 | -12.0% |
| 2023 | +0.7% |
| 2022 | -14.6% |
| 2021 | +45.8% |
| 2020 | -10.1% |
| 2019 | +34.3% |
| 2018 | -17.8% |
| 2017 | +0.1% |
| 2016 | +23.6% |
| 2015 | +6.1% |
| 2014 | +0.3% |
| 2013 | +15.5% |
| 2012 | -8.9% |
| 2011 | +3.2% |
| 2010 | +19.2% |
| 2009 | -20.6% |
| 2008 | +17.1% |
| 2007 | -22.3% |
| 2006 | +17.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.4% over that stretch · deepest drop along the way 62.2%, back to its old high 79.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.5% over that stretch · deepest drop along the way 41.2%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.5% over that stretch · deepest drop along the way 31.2%, back to its old high 42.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 27, 2026 | Russell Barrett SEVP, Chief Operating Officer | sell | $1.2M |
| Jun 12, 2026 | Mitchell L Crandell EVP & Chief Accounting Officer | sell | $373K |
Who owns it
Large shareholders (13G filings)
| STATE STREET CORPORATION | 4.9% | Sep 30, 2025 |
ETFs with the most weight in VLY
| KRE SPDR S&P Regional Banking ETF | 2.75% |
| FDIQ Invesco Bloomberg Financial Data Providers ETF | 2.03% |
| FTXO First Trust Nasdaq Bank ETF | 1.49% |
| KBE SPDR S&P Bank ETF | 1.11% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.76% |
| DVY iShares Select Dividend ETF | 0.47% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.45% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.44% |
What could go wrong
- Heavy commercial real estate exposure. Commercial real estate and construction loans were 58.3% of loans at December 31, 2025. Repayment depends on a property or project succeeding, and many end with a large lump-sum (balloon) payment.
- Lending concentrated in three regions. Most of Valley's lending is in northern and central New Jersey, the New York City area and Florida. A broad economic slump there could hurt loan quality, profits and growth.
- Losing low-cost deposits. Banks profit by paying less on deposits than they earn on loans. If customers pull money from low-cost accounts, or Valley misses deposit retention targets at its branches, net interest income could shrink.
- Volatile fees from interest rate swaps. Fees from interest rate swaps, typically contracts that let business borrowers trade floating loan rates for fixed ones, are a significant part of Valley's noninterest income and could fluctuate.
- Banking the cannabis industry. Valley provides deposit services to state-licensed cannabis businesses. The company warns this could expose it to legal liabilities and regulatory compliance costs.
- Dividend could be reduced or eliminated. Valley says it may have to consult the Federal Reserve before declaring common stock dividends and could reduce or eliminate the dividend, which could also weigh on the share price.
Recent events
- Quarterly results released; Investor presentation or announcement
- Unregistered sale of shares; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Valley's dividend has been flat. It paid $0.44 a share in dividends in every year from fiscal 2020 through fiscal 2025, with no increases, so inflation has eroded its buying power. Dividends paid took 41.6% of fiscal 2025 earnings (the payout ratio), and the yield was 3.12% as of October 28, 2026. Buybacks have been modest: about $113 million over fiscal 2021–2025, against $1.09 billion in dividends. The share count still rose 35.9% between August 2021 and August 2026, diluting existing owners.
The stock has fallen hard in downturns. In the 2008 financial crisis it dropped 62.2% and took about 80 months, until October 2015, to recover. It fell 41.2% in the 2020 COVID crash and recovered in about 9.5 months. In the 2022 bear market it lost 31.2% and did not regain its earlier peak until January 29, 2026. A single stock carries more risk than a diversified fund, which spreads money across many companies.
Questions investors ask
Does Valley National Bancorp raise its dividend every year?
No. Valley paid $0.44 per share in regular dividends in every fiscal year from 2020 through 2025, with no increase over that span. Dividends paid used 41.6% of fiscal 2025 net income. The dividend yield (yearly dividend divided by share price) was 3.12% as of October 28, 2026. Valley's 10-K annual report for fiscal 2025 warns that it may reduce or eliminate the dividend and may need to consult the Federal Reserve before declaring one. A flat payout also loses buying power when prices rise.
How does Valley National Bank make money?
Mostly from lending. In fiscal 2025, $1.76 billion of Valley's $2.03 billion in revenue was net interest income. That is the gap between the interest it earns on loans and securities and the interest it pays on deposits. The other $262 million was noninterest income, including fees from insurance, wealth management and interest rate swaps. The 10-K filed February 27, 2026 listed 230 branches in New Jersey, New York, Florida, Alabama, California and Illinois. It also listed national niches such as cannabis-related business and venture banking.
How exposed is Valley National Bancorp to commercial real estate?
Heavily. Commercial real estate (CRE) and construction loans totaled $29.2 billion, or 58.3% of all loans, at December 31, 2025. Valley has been cutting back. Its CRE concentration ratio compares these loans with the bank's capital. It fell to 333% from 362% a year earlier and 474% at the end of 2023. Valley also sold $1.2 billion of performing CRE and construction loans in 2024. The 10-K flags CRE as a key risk, since repayment depends on a property or business succeeding.
How much did Valley National stock fall during the 2008 financial crisis?
About 62%. Valley's shares fell 62.2% from September 19, 2008 to March 9, 2009. They did not get back to that peak until October 29, 2015, nearly 80 months later. Later drops were smaller but still deep. The stock lost 41.2% in the 2020 COVID crash and was back at its peak by January 6, 2021. It lost 31.2% in the 2022 bear market and took until January 29, 2026 to make that up. Investors drawing income from the shares may face long waits for prices to recover after a crash.
Is Valley National Bancorp diluting shareholders?
Yes, its share count has grown sharply. Shares outstanding rose 35.9%, from 406.6 million on August 6, 2021 to 552.6 million on August 5, 2026. Dilution means each share owns a smaller slice of the company. Buybacks totaled only $113 million over fiscal 2021 to 2025, against $1.09 billion of dividends. Net income rose from $474 million in fiscal 2021 to $598 million in fiscal 2025, but diluted earnings per share fell from $1.12 to $1.01. The 10-K warns that future acquisitions and stock offerings could dilute holders further.