Amalgamated Financial Corp. (AMAL) to Issue Quarterly Dividend of $0.12 on May 22nd

Amalgamated Financial Corp. (NASDAQ:AMAL) announced 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 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Tuesday, May 7th. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.10.

Amalgamated Financial has increased its dividend payment by an average of 7.7% per year over the last three years. Amalgamated Financial has a dividend payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NASDAQ AMAL traded down $0.27 on Thursday, reaching $23.71. 35,134 shares of the stock traded hands, compared to its average volume of 144,203. The firm’s fifty day simple moving average is $23.20 and its 200 day simple moving average is $22.82. The company has a market cap of $723.16 million, a price-to-earnings ratio of 8.27 and a beta of 0.94. Amalgamated Financial has a 12 month low of $14.05 and a 12 month high of $27.77. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.52.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings data on Thursday, January 25th. The company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Amalgamated Financial had a net margin of 22.71% and a return on equity of 16.60%. The business had revenue of $105.39 million for the quarter, compared to analyst estimates of $71.59 million. During the same quarter in the prior year, the business earned $0.83 earnings per share. As a group, research analysts predict that Amalgamated Financial will post 3.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. JPMorgan Chase & Co. dropped their target price on Amalgamated Financial from $33.00 to $29.50 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Keefe, Bruyette & Woods reduced their target price on shares of Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating for the company in a report 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.