Amalgamated Financial (NASDAQ:AMAL) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Amalgamated Financial beat quarterly expectations, reporting EPS of $1.10 versus the $1.00 consensus estimate. Revenue also came in ahead of forecasts at $96.10 million compared with $92.09 million expected.
• The bank showed solid profitability, with a 13.89% return on equity and a 22.33% net margin. Shares were trading near $47.76, close to their 52-week high of $48.60.
• The company declared a quarterly dividend of $0.17 per share, payable August 20, which annualizes to $0.68 and implies a 1.4% yield. Insider selling also occurred recently, including transactions by a director and the CFO.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) posted its earnings results on Thursday. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.10, FiscalAI reports. Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The firm had revenue of $96.10 million for the quarter, compared to analyst estimates of $92.09 million.

Amalgamated Financial Price Performance

Shares of NASDAQ:AMAL opened at $47.76 on Thursday. The business has a fifty day simple moving average of $44.11 and a 200 day simple moving average of $40.79. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.09. Amalgamated Financial has a 1 year low of $25.13 and a 1 year high of $48.60. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 14.02 and a beta of 0.79.

Amalgamated Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Tuesday, August 4th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 4th. Amalgamated Financial's dividend payout ratio (DPR) is 19.77%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AMAL shares. Weiss Ratings cut shares of Amalgamated Financial from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Piper Sandler increased their target price on shares of Amalgamated Financial from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Finally, Zacks Research upgraded shares of Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $48.00.

Insider Transactions at Amalgamated Financial

In other Amalgamated Financial news, Director Maryann Bruce sold 2,089 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $41.39, for a total transaction of $86,463.71. Following the completion of the sale, the director owned 19,942 shares of the company's stock, valued at $825,399.38. This represents a 9.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jason Darby sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $43.30, for a total value of $129,900.00. Following the completion of the sale, the chief financial officer directly owned 79,343 shares in the company, valued at approximately $3,435,551.90. This represents a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,589 shares of company stock worth $325,139 in the last 90 days. 1.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Amalgamated Financial

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Amalgamated Financial by 4.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,407,173 shares of the company's stock worth $38,205,000 after purchasing an additional 54,885 shares during the period. Vanguard Group Inc. lifted its position in shares of Amalgamated Financial by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,385,335 shares of the company's stock worth $37,612,000 after buying an additional 7,512 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in Amalgamated Financial by 14.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company's stock valued at $30,552,000 after purchasing an additional 120,483 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Amalgamated Financial by 63.7% during the third quarter. Millennium Management LLC now owns 522,598 shares of the company's stock worth $14,189,000 after buying an additional 203,440 shares in the last quarter. Finally, First Manhattan CO. LLC. boosted its holdings in shares of Amalgamated Financial by 2.3% in the 4th quarter. First Manhattan CO. LLC. now owns 407,025 shares of the company's stock worth $13,037,000 after acquiring an additional 9,340 shares in the last quarter. Institutional investors own 75.93% of the company's stock.

Amalgamated Financial Company Profile

Amalgamated Financial Corp. NASDAQ: AMAL is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.

In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.

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