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

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) announced a quarterly dividend on Tuesday, July 22nd, RTT News reports. Shareholders of record on Tuesday, August 5th will be paid a dividend of 0.14 per share on Monday, July 21st. This represents a $0.56 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Tuesday, August 5th.

Amalgamated Financial has a dividend payout ratio of 13.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Down 4.5%

NASDAQ:AMAL traded down $1.51 during trading hours on Thursday, hitting $31.71. 76,978 shares of the stock traded hands, compared to its average volume of 216,615. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.09. Amalgamated Financial has a fifty-two week low of $25.03 and a fifty-two week high of $38.19. The firm has a 50 day moving average price of $31.30 and a 200 day moving average price of $31.17. The firm has a market cap of $970.01 million, a price-to-earnings ratio of 9.42 and a beta of 0.85.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $0.90 by ($0.02). Amalgamated Financial had a return on equity of 15.68% and a net margin of 23.99%. The business had revenue of $82.18 million for the quarter, compared to analyst estimates of $82.52 million. Equities research analysts anticipate that Amalgamated Financial will post 3.65 earnings per share for the current year.

Institutional Trading of Amalgamated Financial

Several large investors have recently modified their holdings of the business. Jane Street Group LLC lifted its stake in Amalgamated Financial by 373.1% during the first quarter. Jane Street Group LLC now owns 44,284 shares of the company's stock valued at $1,273,000 after buying an additional 34,923 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Amalgamated Financial by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company's stock worth $1,872,000 after purchasing an additional 9,500 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Amalgamated Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company's stock valued at $306,000 after purchasing an additional 468 shares during the last quarter. 75.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lowered their target price on shares of Amalgamated Financial from $41.00 to $39.00 and set an "outperform" rating for the company in a report on Friday, April 25th.

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.