Amalgamated Financial (NASDAQ:AMAL) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.03, Zacks reports. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%.

Amalgamated Financial Stock Down 4.9 %

Amalgamated Financial stock traded down $1.80 during mid-day trading on Thursday, hitting $34.80. The company had a trading volume of 342,702 shares, compared to its average volume of 169,334. Amalgamated Financial has a 12 month low of $21.33 and a 12 month high of $38.19. The company has a market capitalization of $1.07 billion, a PE ratio of 10.24 and a beta of 0.93. The stock's 50 day moving average price is $34.87 and its two-hundred day moving average price is $32.76. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10.

Amalgamated Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Tuesday, February 11th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Tuesday, February 11th. This is a positive change from Amalgamated Financial's previous quarterly dividend of $0.12. Amalgamated Financial's dividend payout ratio (DPR) is 14.12%.

Insider Activity

In other news, major shareholder Regional Joint Board Rochester sold 55,875 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $34.32, for a total transaction of $1,917,630.00. Following the sale, the insider now owns 355,893 shares in the company, valued at $12,214,247.76. This represents a 13.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jason Darby sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $36.59, for a total transaction of $146,360.00. Following the sale, the chief financial officer now directly owns 50,208 shares of the company's stock, valued at $1,837,110.72. This trade represents a 7.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 591,849 shares of company stock worth $21,099,252 over the last three months. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their target price on Amalgamated Financial from $41.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Piper Sandler boosted their target price on shares of Amalgamated Financial from $39.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th.

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.