Amalgamated Financial (NASDAQ:AMAL) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Amalgamated Financial (NASDAQ:AMAL) posted its quarterly earnings results on Thursday. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06, Zacks reports. The business had revenue of $108.22 million for the quarter, compared to analyst estimates of $77.33 million. Amalgamated Financial had a return on equity of 16.67% and a net margin of 23.64%. During the same period in the prior year, the company posted $0.72 EPS.

Amalgamated Financial Stock Performance

AMAL traded up $0.91 during trading on Friday, reaching $32.21. 222,713 shares of the company were exchanged, compared to its average volume of 188,484. The stock has a market cap of $983.05 million, a P/E ratio of 10.53 and a beta of 0.94. The firm has a 50 day moving average of $26.79 and a 200 day moving average of $25.09. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.23. Amalgamated Financial has a 52 week low of $15.19 and a 52 week high of $32.79.

Amalgamated Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Tuesday, August 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.49%. Amalgamated Financial’s payout ratio is currently 15.69%.

Insider Buying and Selling

In other news, CFO Jason Darby sold 4,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $27.02, for a total value of $108,080.00. Following the completion of the transaction, the chief financial officer now owns 56,470 shares of the company’s stock, valued at $1,525,819.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Jason Darby sold 4,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $27.02, for a total transaction of $108,080.00. Following the completion of the transaction, the chief financial officer now owns 56,470 shares of the company’s stock, valued at $1,525,819.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sam D. Brown sold 8,994 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $25.47, for a total value of $229,077.18. Following the transaction, the executive vice president now directly owns 45,970 shares of the company’s stock, valued at approximately $1,170,855.90. The disclosure for this sale can be found here. Insiders sold a total of 21,263 shares of company stock worth $545,949 in the last three months. 0.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods dropped their price target on Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday, April 5th. Piper Sandler reissued an “overweight” rating and set a $29.00 price target (up from $28.00) on shares of Amalgamated Financial in a research report on Friday, April 26th. Finally, JPMorgan Chase & Co. upped their price objective on Amalgamated Financial from $31.50 to $32.50 and gave the stock an “overweight” rating in a research note on Thursday, June 27th.

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.