Amalgamated Financial Corp. (NASDAQ:AMAL) to Issue $0.12 Quarterly Dividend

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) declared a quarterly dividend on Tuesday, October 22nd, Zacks reports. Shareholders of record on Tuesday, November 5th will be paid a dividend of 0.12 per share on Thursday, November 21st. This represents a $0.48 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Tuesday, November 5th.

Amalgamated Financial has raised its dividend by an average of 7.7% per year over the last three years. Amalgamated Financial has a dividend payout ratio of 14.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Amalgamated Financial to earn $3.39 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 14.2%.

Amalgamated Financial Stock Performance

AMAL stock traded down $0.45 during trading on Thursday, reaching $33.53. 255,760 shares of the company's stock were exchanged, compared to its average volume of 144,781. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.12. Amalgamated Financial has a 1-year low of $15.19 and a 1-year high of $35.30. The company's fifty day moving average price is $31.75 and its 200-day moving average price is $28.16. The firm has a market cap of $1.02 billion, a PE ratio of 10.73 and a beta of 0.92.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.06. Amalgamated Financial had a return on equity of 16.23% and a net margin of 23.64%. The company had revenue of $108.22 million during the quarter, compared to analyst estimates of $77.33 million. During the same quarter in the previous year, the firm posted $0.72 EPS. On average, research analysts expect that Amalgamated Financial will post 3.33 EPS for the current fiscal year.

Insider Transactions at Amalgamated Financial

In other news, major shareholder United Canada Council Workers sold 82,464 shares of the business's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $31.05, for a total transaction of $2,560,507.20. Following the sale, the insider now directly owns 440,401 shares of the company's stock, valued at $13,674,451.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $35.00 price objective (up previously from $30.00) on shares of Amalgamated Financial in a research note on Monday, July 29th. JPMorgan Chase & Co. boosted their price objective on Amalgamated Financial from $31.50 to $32.50 and gave the stock an "overweight" rating in a research note on Thursday, June 27th.

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.