Amalgamated Financial Corp. (NASDAQ:AMAL) Plans Dividend Increase – $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 boost 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 dividend payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Equities 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

NASDAQ AMAL traded down $0.22 on Wednesday, hitting $36.60. 186,948 shares of the stock traded hands, compared to its average volume of 156,823. The business’s fifty day moving average is $34.87 and its two-hundred day moving average is $32.74. Amalgamated Financial has a 12 month low of $21.33 and a 12 month high of $38.19. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 10.76 and a beta of 0.93. 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 (NASDAQ:AMAL) last posted its earnings results on Thursday, October 24th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08. The firm had revenue of $111.76 million for the quarter, compared to the consensus estimate of $79.50 million. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%. During the same quarter in the prior year, the business posted $0.76 earnings per share. As a group, equities analysts anticipate that Amalgamated Financial will post 3.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder States Regional Joint Western sold 63,004 shares of Amalgamated Financial stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.81, for a total transaction of $2,067,161.24. Following the completion of the transaction, the insider now directly owns 423,022 shares in the company, valued at approximately $13,879,351.82. This trade represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jason Darby sold 4,000 shares of Amalgamated Financial stock in a transaction that occurred 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 transaction, the chief financial officer now owns 50,208 shares of the company’s stock, 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. Insiders sold 591,849 shares of company stock worth $21,099,252 over the last three months. Company insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AMAL. Piper Sandler increased their price objective on Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods increased their target price on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

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.