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. Shareholders of record on Tuesday, February 11th will be paid a dividend of 0.14 per share on Thursday, February 27th. This represents a $0.56 annualized dividend and a yield of 1.53%. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.12.

Amalgamated Financial has increased its dividend payment by an average of 12.9% annually over the last three years. Amalgamated Financial has a payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Equities 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 AMAL opened at $36.60 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $1.12 billion, a P/E ratio of 10.76 and a beta of 0.93. The company’s fifty day moving average is $34.87 and its two-hundred day moving average is $32.76. Amalgamated Financial has a 1 year low of $21.33 and a 1 year high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. On average, sell-side analysts predict that Amalgamated Financial will post 3.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, CFO Jason Darby sold 4,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $36.59, for a total value of $146,360.00. Following the transaction, the chief financial officer now directly owns 50,208 shares in the company, valued at approximately $1,837,110.72. This represents a 7.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder States Regional Joint Western sold 175,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $37.24, for a total transaction of $6,517,000.00. Following the completion of the transaction, the insider now owns 7,558,575 shares in the company, valued at approximately $281,481,333. This trade represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 591,849 shares of company stock valued at $21,099,252. Insiders own 0.90% of the company’s stock.

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.