Amalgamated Financial (NASDAQ:AMAL) Releases Earnings Results, Beats Estimates By $0.06 EPS

Amalgamated Financial (NASDAQ:AMAL) announced its earnings results on Thursday. The company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.06, FiscalAI reports. The business had revenue of $99.17 million for the quarter, compared to analysts’ expectations of $99.26 million. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%.

Amalgamated Financial Stock Performance

Shares of NASDAQ:AMAL traded up $2.00 during trading on Thursday, reaching $49.82. The company had a trading volume of 21,030 shares, compared to its average volume of 178,701. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 13.29 and a beta of 0.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63. The stock’s fifty day moving average price is $47.99 and its 200 day moving average price is $45.56. Amalgamated Financial has a fifty-two week low of $26.45 and a fifty-two week high of $51.59.

Amalgamated Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. Amalgamated Financial’s payout ratio is presently 18.13%.

Insider Buying and Selling at Amalgamated Financial

In related news, EVP Sean Searby sold 3,314 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $47.75, for a total transaction of $158,243.50. Following the completion of the sale, the executive vice president directly owned 17,466 shares of the company’s stock, valued at $834,001.50. This trade represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Edgar Romney, Jr. sold 5,992 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $47.46, for a total value of $284,380.32. Following the sale, the insider directly owned 22,393 shares of the company’s stock, valued at approximately $1,062,771.78. This represents a 21.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,724,705 shares of company stock valued at $83,009,328. Corporate insiders own 1.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on AMAL shares. Raymond James Financial began coverage on shares of Amalgamated Financial in a research report on Thursday, September 3rd. They set an “outperform” rating and a $55.00 price objective on the stock. Piper Sandler upped their target price on shares of Amalgamated Financial from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their target price on shares of Amalgamated Financial from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Zacks Research upgraded shares of Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Amalgamated Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 9th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Amalgamated Financial Company Profile

Amalgamated Financial Corporation (NASDAQ:AMAL) is the parent company of Amalgamated Bank, a commercial bank that provides banking, lending and financial services to businesses, nonprofit organizations, labor unions, political organizations and individual consumers. The bank is known for serving mission-driven and socially responsible organizations, as well as customers seeking conventional banking products.

Amalgamated Bank offers commercial and consumer deposits, commercial and real estate lending, treasury management, online and mobile banking, payment services, and investment management.