Amalgamated Financial (NASDAQ:AMAL) Posts Quarterly Earnings Results

Key Points

• Amalgamated Financial beat earnings expectations: Quarterly EPS was $1.14, exceeding the $1.08 consensus estimate, while revenue of $99.17 million was slightly below analyst forecasts of $99.26 million.
• Shares rose 4.2%: The stock opened at $49.80, near its 52-week high of $51.59. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $54.
• The company declared a quarterly dividend of $0.17 per share, equivalent to a $0.68 annualized payout and a 1.4% yield. Insiders sold 1.72 million shares worth approximately $83 million over the past 90 days.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) issued its earnings results on Thursday. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.06, FiscalAI reports. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. The firm had revenue of $99.17 million for the quarter, compared to analyst estimates of $99.26 million.

Amalgamated Financial Stock Up 4.2%

Shares of Amalgamated Financial stock opened at $49.80 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. Amalgamated Financial has a 52-week low of $26.45 and a 52-week high of $51.59. The company's 50 day moving average price is $47.99 and its 200-day moving average price is $45.56. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 13.29 and a beta of 0.81.

Amalgamated Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be issued a $0.17 dividend. The ex-dividend date is Tuesday, November 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. Amalgamated Financial's dividend payout ratio (DPR) is currently 18.13%.

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, EVP Sean Searby sold 3,314 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $47.75, for a total value of $158,243.50. Following the sale, the executive vice president owned 17,466 shares of the company's stock, valued at $834,001.50. This trade represents a 15.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder United Workers sold 228,284 shares of the business's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $47.84, for a total transaction of $10,921,106.56. Following the completion of the transaction, the insider owned 373,022 shares in the company, valued at $17,845,372.48. The trade was a 37.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,724,705 shares of company stock worth $83,009,328 over the last ninety days. Insiders own 1.63% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Raymond James Financial assumed coverage on shares of Amalgamated Financial in a research note on Thursday, September 3rd. They set an "outperform" rating and a $55.00 price objective for the company. Piper Sandler upped their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Weiss Ratings raised shares of Amalgamated Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, October 9th. Finally, Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Amalgamated Financial currently has an average rating of "Moderate Buy" and an average price target of $54.00.

Amalgamated Financial Company Profile

Amalgamated Financial Corporation NASDAQ: AMAL is the parent company of Amalgamated Bank, a commercial bank that provides banking, lending and financial services to businesses, nonprofit organizations, labor unions, political organizations and individual consumers. The bank is known for serving mission-driven and socially responsible organizations, as well as customers seeking conventional banking products.

Amalgamated Bank offers commercial and consumer deposits, commercial and real estate lending, treasury management, online and mobile banking, payment services, and investment management.

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