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

Amalgamated Financial Corp. (NASDAQ:AMAL) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders of record on Wednesday, May 8th will be paid a dividend of 0.12 per share on Wednesday, May 22nd. This represents a $0.48 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, May 7th. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.10.

Amalgamated Financial has raised its dividend payment by an average of 7.7% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Amalgamated Financial has a payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Amalgamated Financial to earn $3.32 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 14.5%.

Amalgamated Financial Stock Performance

Shares of AMAL stock opened at $25.38 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market cap of $774.09 million, a P/E ratio of 8.29 and a beta of 0.91. The firm’s 50 day moving average price is $23.30 and its 200-day moving average price is $23.24. Amalgamated Financial has a one year low of $14.05 and a one year high of $27.77.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, April 25th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. Amalgamated Financial had a return on equity of 16.81% and a net margin of 23.22%. The company had revenue of $107.16 million for the quarter, compared to analyst estimates of $75.77 million. During the same quarter in the previous year, the company earned $0.74 earnings per share. As a group, equities research analysts predict that Amalgamated Financial will post 3.13 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on AMAL. JPMorgan Chase & Co. dropped their target price on Amalgamated Financial from $33.00 to $29.50 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Keefe, Bruyette & Woods cut their target price on shares of Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, April 5th. Finally, Piper Sandler reissued an “overweight” rating and issued a $29.00 price target (up previously from $28.00) on shares of Amalgamated Financial in a research report on Friday, April 26th.

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.