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

Amalgamated Financial Corp. (NASDAQ:AMAL) declared 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 increased its dividend by an average of 12.9% per year over the last three years. Amalgamated Financial has a payout ratio of 11.1% meaning 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 Trading Down 0.6 %

NASDAQ AMAL opened at $36.60 on Thursday. The firm has a 50 day simple moving average of $34.87 and a 200-day simple moving average of $32.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. Amalgamated Financial has a one year low of $21.33 and a one year high of $38.19. The firm has a market cap 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, January 23rd. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. Equities research analysts anticipate that Amalgamated Financial will post 3.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AMAL shares. Piper Sandler raised their target price on shares of Amalgamated Financial from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Keefe, Bruyette & Woods raised their target price on shares of Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Transactions at Amalgamated Financial

In related news, EVP Sean Searby sold 8,000 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $34.14, for a total value of $273,120.00. Following the completion of the sale, the executive vice president now owns 15,802 shares in the company, valued at $539,480.28. This represents a 33.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jason Darby sold 4,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $36.59, for a total transaction of $146,360.00. Following the completion of the sale, the chief financial officer now owns 50,208 shares of the company’s stock, valued at approximately $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. 0.90% of the stock is currently owned by insiders.

Amalgamated Financial Company Profile

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.