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

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

Amalgamated Financial has raised its dividend payment by an average of 12.9% per year over the last three years. Amalgamated Financial has a dividend payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Research 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 Performance

Shares of NASDAQ:AMAL traded down $0.22 during midday trading on Wednesday, hitting $36.60. The company had a trading volume of 186,948 shares, compared to its average volume of 156,823. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 10.76 and a beta of 0.93. Amalgamated Financial has a 12-month low of $21.33 and a 12-month high of $38.19. The company has a fifty day moving average of $34.87 and a two-hundred day moving average of $32.74.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.83 by $0.08. The firm had revenue of $111.76 million during the quarter, compared to analyst estimates of $79.50 million. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%. During the same period in the prior year, the business posted $0.76 EPS. On average, equities research analysts expect that Amalgamated Financial will post 3.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Amalgamated Financial news, major shareholder States Regional Joint Western sold 10,000 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $35.21, for a total transaction of $352,100.00. Following the completion of the transaction, the insider now owns 7,185,816 shares of the company’s stock, valued at $253,012,581.36. This represents a 0.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jason Darby sold 4,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $36.59, for a total transaction of $146,360.00. Following the transaction, the chief financial officer now directly owns 50,208 shares of the company’s stock, valued at $1,837,110.72. This trade represents a 7.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 591,849 shares of company stock worth $21,099,252. Corporate insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on AMAL. Keefe, Bruyette & Woods upped their price objective on Amalgamated Financial from $41.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler increased their price target on Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th.

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.