Amalgamated Financial Corp. Declares Quarterly Dividend of $0.12 (NASDAQ:AMAL)

Amalgamated Financial Corp. (NASDAQ:AMAL) announced a quarterly dividend on Tuesday, October 22nd, Zacks reports. Investors of record on Tuesday, November 5th will be paid a dividend of 0.12 per share on Thursday, November 21st. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date is Tuesday, November 5th.

Amalgamated Financial has increased its dividend by an average of 7.7% per year over the last three years. Amalgamated Financial has a dividend payout ratio of 14.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Amalgamated Financial to earn $3.39 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 14.2%.

Amalgamated Financial Price Performance

Shares of AMAL opened at $33.98 on Thursday. Amalgamated Financial has a fifty-two week low of $15.19 and a fifty-two week high of $35.30. The firm’s 50 day moving average price is $31.75 and its 200 day moving average price is $28.16. The company has a market cap of $1.04 billion, a P/E ratio of 11.10 and a beta of 0.92. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.12.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.06. Amalgamated Financial had a net margin of 23.64% and a return on equity of 16.23%. The firm had revenue of $108.22 million for the quarter, compared to the consensus estimate of $77.33 million. During the same period in the prior year, the firm earned $0.72 EPS. On average, research analysts forecast that Amalgamated Financial will post 3.33 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder United Canada Council Workers sold 44,577 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $29.97, for a total value of $1,335,972.69. Following the completion of the transaction, the insider now owns 384,980 shares in the company, valued at approximately $11,537,850.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on AMAL shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $35.00 price objective (up from $30.00) on shares of Amalgamated Financial in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Amalgamated Financial from $31.50 to $32.50 and gave the company an “overweight” rating in a research report 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.