Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the NASDAQ Global Select Market under the ticker symbol “VLY.” There were 6,872 shareholders of record as of December 31, 2023.
We declared cash dividends of $0.11 per share in each of the first, second, third and fourth quarters of 2023. The declaration and payment of future dividends to holders of our common stock is at the discretion of our Board and depends upon many factors, including our financial condition, earnings, capital requirements, legal requirements, regulatory constraints and other factors that our Board deems relevant.
Performance Graph
The following graph compares the cumulative total return on a hypothetical $100 investment made on December 31, 2018 in: (a) Valley’s common stock; (b) the KBW Regional Banking Index ("KRX"); and (c) the S&P 500 Stock Index ("S&P 500"). The graph is calculated assuming that all dividends are reinvested during the relevant periods. The graph shows how a $100 investment would increase or decrease in value over time based on dividends (stock or cash) and increases or decreases in the market price of the stock.
12/18 12/19 12/20 12/21 12/22 12/23
Valley $ 100.00 $ 134.26 $ 120.76 $ 176.03 $ 150.33 $ 151.37
KRX
100.00 123.87 113.11 154.57 143.87 143.30
S&P 500 100.00 131.47 155.65 200.29 163.98 207.04
2023 Form 10-K 38
The information under “Performance Graph” is not deemed to be to be “soliciting material” or to be “filed” with the SEC or subject to Section 18 of the Exchange Act, and the information shall not be deemed to be incorporated by reference in any filing by us under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent specifically incorporated by reference into such a filing.
Issuer Repurchase of Equity Securities
The following table presents the repurchases of equity securities during the three months ended December 31, 2023:
Period Total Number of
Shares Purchased (1)
Average Price
Paid Per
Share Total Number of Shares
Purchased as Part of
Publicly Announced
Plans (2)
Maximum Number of
Shares that May Yet Be
Purchased Under the Plans (2)
October 1, 2023 to October 31, 2023
3,956 $ 8.45 — 24,700,000
November 1, 2023 to November 30, 2023
7,642 7.86 — 24,700,000
December 1, 2023 to December 31, 2023
11,460 9.40 — 24,700,000
Total 23,058 $ 8.73 —
(1) Includes repurchases made in connection with the vesting of employee restricted stock awards.
(2) On April 26, 2022, Valley publicly announced a stock repurchase program for up to 25 million shares of Valley common stock, which is set to expire on April 25, 2024.
On February 21, 2024, Valley publicly announced a new stock repurchase program for up to 25 million shares of Valley common stock. The authorization to repurchase under the new repurchase program will be effective on April 26, 2024, replacing the current stock repurchase program, and is set to expire on April 26, 2026.
Item 6. [Reserved]