Amalgamated Financial Corp. (NASDAQ:AMAL) Raises Dividend to $0.14 Per Share

Amalgamated Financial Corp. (NASDAQ:AMAL) announced a quarterly dividend on Wednesday, January 22nd,RTT News reports. Shareholders of record on Tuesday, February 11th will be paid a dividend of 0.14 per share on Thursday, February 27th. This represents a $0.56 annualized dividend and a yield of 1.53%. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12.

Amalgamated Financial has increased its dividend payment by an average of 12.9% annually over the last three years. Amalgamated Financial has a payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Amalgamated Financial to earn $3.48 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 13.8%.

Amalgamated Financial Stock Down 0.6 %

AMAL traded down $0.22 during trading on Wednesday, hitting $36.60. 186,903 shares of the company’s stock traded hands, compared to its average volume of 155,506. The company’s 50 day simple moving average is $34.87 and its two-hundred day simple moving average is $32.74. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. Amalgamated Financial has a 12-month low of $21.33 and a 12-month high of $38.19. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 10.76 and a beta of 0.93.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, October 24th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%. The business had revenue of $111.76 million for the quarter, compared to the consensus estimate of $79.50 million. During the same period last year, the business posted $0.76 EPS. Analysts predict that Amalgamated Financial will post 3.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AMAL has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Keefe, Bruyette & Woods lifted their target price on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Insider Activity at Amalgamated Financial

In other news, major shareholder States Regional Joint Western sold 175,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $37.24, for a total value of $6,517,000.00. Following the transaction, the insider now directly owns 7,558,575 shares in the company, valued at $281,481,333. The trade was a 2.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jason Darby sold 4,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $36.59, for a total value of $146,360.00. Following the completion of the transaction, the chief financial officer now owns 50,208 shares in the company, valued at $1,837,110.72. The trade was a 7.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 591,849 shares of company stock worth $21,099,252. Corporate insiders own 0.90% of the company’s stock.

About Amalgamated Financial

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