Amalgamated Financial (NASDAQ:AMAL) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Amalgamated Financial (NASDAQ:AMAL) posted its quarterly earnings data on Thursday. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.08, FiscalAI reports. Amalgamated Financial had a net margin of 22.97% and a return on equity of 14.75%. The company had revenue of $87.91 million for the quarter, compared to analysts’ expectations of $85.37 million.

Amalgamated Financial Price Performance

Shares of Amalgamated Financial stock opened at $36.03 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.64 and a current ratio of 0.64. Amalgamated Financial has a 52-week low of $25.03 and a 52-week high of $37.26. The company has a fifty day moving average of $31.72 and a 200-day moving average of $29.82. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 10.85 and a beta of 0.82.

Amalgamated Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Tuesday, February 3rd will be paid a $0.17 dividend. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Tuesday, February 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.9%. Amalgamated Financial’s dividend payout ratio is currently 16.87%.

Wall Street Analyst Weigh In

AMAL has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Amalgamated Financial in a report on Monday, December 29th. Piper Sandler upgraded shares of Amalgamated Financial from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $27.00 to $28.00 in a research report on Wednesday, November 19th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $33.50.

Insiders Place Their Bets

In other news, Director Lynne P. Fox sold 8,949 shares of Amalgamated Financial stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $27.34, for a total value of $244,665.66. Following the transaction, the director owned 22,276 shares in the company, valued at approximately $609,025.84. The trade was a 28.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Julie Kelly sold 6,697 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.34, for a total value of $183,095.98. Following the completion of the sale, the director directly owned 16,763 shares of the company’s stock, valued at approximately $458,300.42. This trade represents a 28.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 22,343 shares of company stock valued at $610,858 over the last three months. Insiders own 1.29% of the company’s stock.

Hedge Funds Weigh In On Amalgamated Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in Amalgamated Financial by 4.1% in the 3rd 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. grew its holdings in shares of Amalgamated Financial by 0.5% in the third quarter. Vanguard Group Inc. now owns 1,385,335 shares of the company’s stock worth $37,612,000 after purchasing an additional 7,512 shares during the last quarter. Millennium Management LLC increased its stake in shares of Amalgamated Financial by 63.7% in 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 during the period. Bridgeway Capital Management LLC increased its stake in shares of Amalgamated Financial by 4.0% in the third quarter. Bridgeway Capital Management LLC now owns 298,215 shares of the company’s stock worth $8,097,000 after buying an additional 11,380 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in Amalgamated Financial by 12.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 272,087 shares of the company’s stock valued at $7,387,000 after buying an additional 30,712 shares during the last quarter. 75.93% of the stock is currently owned by institutional investors.

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.