Amalgamated Financial Corp. (NASDAQ:AMAL) Shareholders Set to Receive $0.17 Quarterly Dividend

Amalgamated Financial Corp. (NASDAQ:AMAL) announced a quarterly dividend on Tuesday, October 20th. Shareholders of record on Tuesday, November 3rd will be given a dividend of $0.17 per share on Thursday, November 19th. This represents a $0.68 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, November 3rd.

Amalgamated Financial has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 4 years. Amalgamated Financial has a payout ratio of 16.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Amalgamated Financial to earn $4.63 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 14.7%.

Amalgamated Financial Trading Down 0.8%

NASDAQ AMAL traded down $0.39 during trading on Wednesday, hitting $47.57. 35,536 shares of the company’s stock traded hands, compared to its average volume of 178,390. The stock has a fifty day moving average of $48.05 and a two-hundred day moving average of $45.50. Amalgamated Financial has a 12-month low of $26.03 and a 12-month high of $51.59. The firm has a market cap of $1.42 billion, a P/E ratio of 12.69 and a beta of 0.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. The firm had revenue of $96.10 million for the quarter, compared to the consensus estimate of $92.09 million. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. As a group, sell-side analysts expect that Amalgamated Financial will post 4.06 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AMAL shares. Piper Sandler increased their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Weiss Ratings upgraded shares of Amalgamated Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 9th. Zacks Research raised shares of Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 25th. Keefe, Bruyette & Woods increased their target price on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Finally, Raymond James Financial initiated coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 target price on the stock. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Amalgamated Financial has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Amalgamated Financial Company Profile

Amalgamated Financial Corporation (NASDAQ:AMAL) is the parent company of Amalgamated Bank, a commercial bank that provides banking, lending and financial services to businesses, nonprofit organizations, labor unions, political organizations and individual consumers. The bank is known for serving mission-driven and socially responsible organizations, as well as customers seeking conventional banking products.

Amalgamated Bank offers commercial and consumer deposits, commercial and real estate lending, treasury management, online and mobile banking, payment services, and investment management.