** Shares of Valley National Bancorp down 5.2% premarket to $9.53 after equity raise ** Regional lender late Thurs announced pricing ~42.8 mln share offering at $9.35 for $400 mln gross raise with JP Morgan sole bookrunner
** Offering price represents 7% discount to last sale
** Co plans to use net proceeds for general purposes and investments in subsidiary Valley National Bank as regulatory capital
** VLY has ~509.25 mln shares outstanding for ~$5.1 bln market cap ** Two weeks ago, VLY posted y/y decline in net income in Q3, saying provisions elevated due to higher reserves for commercial real estate loans and commercial and industrial loan growth
** Through Thurs, shares have rallied ~55% from their 2024 lows hit in Jun, leaving them down 7.5% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.