Amalgamated Financial Corp. (NASDAQ:AMAL) Announces Quarterly Dividend of $0.12

Amalgamated Financial Corporation (NASDAQ:AMAL – Get Free Report) announced its quarterly dividend on Tuesday, July 23, Zacks reports. Investors of record on Tuesday, August 6 will receive a dividend of $0.12 per share on Thursday, August 22. This represents an annualized dividend of $0.48 and a dividend yield of 1.66%. The ex-dividend date for this dividend is Tuesday, August 6.

Amalgamated Financial has increased its dividend by an average of 7.7% per year over the past three years. Amalgamated Financial has a dividend payout ratio of 14.0%, indicating that its dividend is adequately covered by earnings. Research analysts expect Amalgamated Financial to earn $3.41 per share next year, which means the company should continue to be able to cover its annual dividend of $0.48 with an expected future payout ratio of 14.1%.

Amalgamated Financial Stock Performance

NASDAQ AMAL shares opened at $28.97 on Monday. Amalgamated Financial has a 12-month low of $15.19 and a 12-month high of $32.79. The company has a 50-day simple moving average of $27.35 and a 200-day simple moving average of $25.29. The company has a market cap of $884.16 million, a PE ratio of 9.47, and a beta of 0.94. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.64, and a quick ratio of 0.64.

Amalgamated Financial (NASDAQ:AMAL – Get Free Report) last released its financial results on Thursday, July 25th. The company reported EPS of $0.85 for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. Amalgamated Financial reported a net margin of 23.64% and a return on equity of 16.67%. The company had revenue of $108.22 million for the quarter, compared to analysts’ expectations of $77.33 million. During the same period last year, the company posted earnings per share of $0.72. On average, stock analysts expect Amalgamated Financial to post earnings per share of $3.21 for the current year.

Changes in analyst ratings

AMAL has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reiterated their “outperform” rating and issued a $35.00 price target (up from $30.00) on shares of Amalgamated Financial in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price target on shares of Amalgamated Financial from $31.50 to $32.50 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Piper Sandler reiterated their “overweight” rating and issued a $29.00 price target (up from $28.00) on shares of Amalgamated Financial in a report on Friday, April 26th.

Get our latest research report on AMAL

Insider Buying and Selling at Amalgamated Financial

In related news, CFO Jason Darby sold 4,000 shares of Amalgamated Financial stock in a transaction dated Friday, June 28th. The shares were priced at an average price of $27.02, for a total value of $108,080.00. Following the sale, the CFO now directly owns 56,470 shares of the company’s stock, valued at $1,525,819.40. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. In other news, insider Edgar Romney, Jr. sold 8,269 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were priced at an average price of $25.25, for a total transaction of $208,792.25. Following the closing of the transaction, the insider now directly owns 13,856 shares of the company’s stock, valued at approximately $349,864. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, CFO Jason Darby sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $27.02, for a total value of $108,080.00. Following the closing of the sale, the CFO now directly owns 56,470 shares of the company’s stock, valued at approximately $1,525,819.40. The disclosure of this sale can be found here. Company insiders own 0.90% of the company’s stock.

About Amalgamated Financial

(Get a free report)

Amalgamated Financial Corp. is the bank holding company for Amalgamated Bank, which provides commercial and retail banking, investment management, and trust and custody services to commercial and retail customers in the United States. The Company accepts a variety of deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.

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