Amalgamated Financial Corp. (NASDAQ:AMAL) Declares Quarterly Dividend of $0.14

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) declared a quarterly dividend on Tuesday, April 22nd, RTT News reports. Investors of record on Tuesday, May 6th will be paid a dividend of 0.14 per share on Thursday, May 22nd. This represents a $0.56 annualized dividend and a yield of 2.00%. The ex-dividend date is Tuesday, May 6th.

Amalgamated Financial has raised its dividend payment by an average of 12.9% per year over the last three years. Amalgamated Financial has a payout ratio of 13.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Amalgamated Financial to earn $4.00 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 14.0%.

Amalgamated Financial Price Performance

NASDAQ AMAL traded up $0.25 on Friday, hitting $27.96. The stock had a trading volume of 126,960 shares, compared to its average volume of 185,757. The firm has a 50-day moving average of $28.99 and a 200-day moving average of $32.80. 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 52-week low of $24.02 and a 52-week high of $38.19. The company has a market capitalization of $858.01 million, a price-to-earnings ratio of 8.10 and a beta of 0.75.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The company had revenue of $79.69 million for the quarter, compared to the consensus estimate of $74.78 million. During the same quarter last year, the business posted $0.89 earnings per share. Equities analysts expect that Amalgamated Financial will post 3.65 EPS for the current year.

Insider Transactions at Amalgamated Financial

In other Amalgamated Financial news, EVP Tyrone Graham sold 3,317 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $30.50, for a total transaction of $101,168.50. Following the completion of the sale, the executive vice president now directly owns 11,449 shares in the company, valued at $349,194.50. This represents a 22.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder States Regional Joint Western sold 18,000 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $34.27, for a total value of $616,860.00. Following the transaction, the insider now directly owns 7,167,816 shares in the company, valued at $245,641,054.32. This trade represents a 0.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 31,656 shares of company stock worth $1,054,122. 1.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler downgraded shares of Amalgamated Financial from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $42.00 to $38.00 in a research note on Friday, February 21st. Keefe, Bruyette & Woods decreased their price target on shares of Amalgamated Financial from $41.00 to $39.00 and set an "outperform" rating on the stock in a report on Friday.

Amalgamated Financial announced that its Board of Directors has initiated a share buyback plan on Monday, March 10th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

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.