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NEW YORK ( TheStreet) -- The ex-dividend date for Valley National Bancorp (NYSE: VLY) is tomorrow, June 13, 2012. Owners of shares as of market close today will be eligible for a dividend of 16 cents per share. At a price of $10.83 as of 10 a.m. ET, the dividend yield is 5.7%. The average volume for Valley has been one million shares per day over the past 30 days. Valley has a market cap of $2.1 billion and is part of the financial sector and banking industry. Shares are down 13.9% year to date as of the close of trading on Monday. Valley National Bancorp operates as the bank holding company for the Valley National Bank that provides various commercial, retail, trust, and investment services. Its deposit products include savings accounts, NOW accounts, money market accounts, time deposits, and certificates of deposit. The company has a P/E ratio of 15.5, equal to the average banking industry P/E ratio and below the S&P 500 P/E ratio of 17.7.