Amalgamated Financial (NASDAQ:AMAL) Releases Earnings Results, Beats Expectations By $0.06 EPS

Amalgamated Financial (NASDAQ:AMAL) released its quarterly earnings results on Thursday. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06, Zacks reports. The business had revenue of $108.22 million for the quarter, compared to analysts’ expectations of $77.33 million. Amalgamated Financial had a net margin of 23.64% and a return on equity of 16.67%. During the same period last year, the business earned $0.72 EPS.

Amalgamated Financial Stock Performance

AMAL traded up $0.91 during trading on Friday, reaching $32.21. 222,713 shares of the company’s stock were exchanged, compared to its average volume of 188,484. Amalgamated Financial has a 1 year low of $15.19 and a 1 year high of $32.79. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a market capitalization of $983.05 million, a P/E ratio of 10.53 and a beta of 0.94. The company’s fifty day simple moving average is $26.79 and its 200-day simple moving average is $25.09.

Amalgamated Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Tuesday, August 6th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Tuesday, August 6th. Amalgamated Financial’s payout ratio is currently 15.69%.

Insiders Place Their Bets

In other Amalgamated Financial news, CFO Jason Darby sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $27.02, for a total transaction of $108,080.00. Following the completion of the transaction, the chief financial officer now directly owns 56,470 shares of the company’s stock, valued at approximately $1,525,819.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Amalgamated Financial news, CFO Jason Darby sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $27.02, for a total transaction of $108,080.00. Following the completion of the transaction, the chief financial officer now directly owns 56,470 shares of the company’s stock, valued at approximately $1,525,819.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edgar Romney, Jr. sold 8,269 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $25.25, for a total transaction of $208,792.25. Following the transaction, the insider now directly owns 13,856 shares of the company’s stock, valued at $349,864. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,263 shares of company stock valued at $545,949. 0.90% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently commented on AMAL shares. Keefe, Bruyette & Woods decreased their price objective on shares of Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, April 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $29.00 price objective (up from $28.00) on shares of Amalgamated Financial in a research report on Friday, April 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Amalgamated Financial from $31.50 to $32.50 and gave the company an “overweight” rating in a research report on Thursday, June 27th.

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.