Amalgamated Financial Corp. (NASDAQ:AMAL) Declares 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 given a dividend of 0.12 per share on Wednesday, May 22nd. This represents a $0.48 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Tuesday, May 7th. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.10.

Amalgamated Financial has increased its dividend by an average of 7.7% per year over the last three years. Amalgamated Financial has a payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Amalgamated Financial to earn $3.26 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 12.3%.

Amalgamated Financial Trading Down 2.7 %

Shares of NASDAQ:AMAL traded down $0.64 during trading hours on Thursday, hitting $23.34. 16,041 shares of the company’s stock traded hands, compared to its average volume of 144,009. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.65 and a quick ratio of 0.65. The business has a fifty day moving average price of $23.20 and a 200-day moving average price of $22.81. Amalgamated Financial has a 1 year low of $14.05 and a 1 year high of $27.77. The firm has a market capitalization of $711.87 million, a P/E ratio of 8.38 and a beta of 0.94.

Amalgamated Financial (NASDAQ:AMAL) last released its earnings results on Thursday, January 25th. The company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The business had revenue of $105.39 million during the quarter, compared to analysts’ expectations of $71.59 million. Amalgamated Financial had a return on equity of 16.60% and a net margin of 22.71%. During the same quarter in the previous year, the business earned $0.83 EPS. Equities analysts expect that Amalgamated Financial will post 3.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

AMAL has been the topic of a number of research reports. JPMorgan Chase & Co. reduced their target price on shares of Amalgamated Financial from $33.00 to $29.50 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Keefe, Bruyette & Woods cut their price target on Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, April 5th.

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.