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

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) announced a quarterly dividend on Tuesday, April 22nd, RTT News reports. Shareholders of record on Tuesday, May 6th will be given a dividend of 0.14 per share on Thursday, May 22nd. This represents a $0.56 annualized dividend and a dividend yield of 2.04%.

Amalgamated Financial has raised its dividend payment by an average of 12.9% annually over the last three years. Amalgamated Financial has a payout ratio of 13.2% meaning 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 Up 4.4 %

Shares of NASDAQ AMAL traded up $1.17 during trading hours on Tuesday, hitting $27.49. 241,839 shares of the stock were exchanged, compared to its average volume of 184,604. The company has a market cap of $843.59 million, a PE ratio of 7.97 and a beta of 0.75. Amalgamated Financial has a 12 month low of $22.47 and a 12 month high of $38.19. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average price of $29.69 and a 200-day moving average price of $32.89.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last announced its earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. On average, sell-side analysts expect that Amalgamated Financial will post 3.65 EPS for the current year.

Amalgamated Financial declared that its Board of Directors has initiated a share buyback program on Monday, March 10th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut Amalgamated Financial from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $42.00 to $38.00 in a research note on Friday, February 21st.

Insider Activity

In other news, EVP Tyrone Graham sold 869 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $29.73, for a total transaction of $25,835.37. Following the completion of the transaction, the executive vice president now directly owns 10,580 shares of the company's stock, valued at $314,543.40. This represents a 7.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Sean Searby sold 3,000 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $32.49, for a total transaction of $97,470.00. Following the completion of the sale, the executive vice president now directly owns 17,639 shares of the company's stock, valued at approximately $573,091.11. The trade was a 14.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,656 shares of company stock worth $1,054,122 in the last ninety days. Company 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.

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