Amalgamated Financial (NASDAQ:AMAL) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Amalgamated Financial (NASDAQ:AMAL) posted its earnings results on Thursday. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03, Zacks reports. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%.

Amalgamated Financial Price Performance

NASDAQ AMAL opened at $34.80 on Friday. The firm’s 50-day simple moving average is $34.87 and its two-hundred day simple moving average is $32.76. The company has a market cap of $1.07 billion, a PE ratio of 10.24 and a beta of 0.93. Amalgamated Financial has a 52 week low of $21.33 and a 52 week high of $38.19. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10.

Amalgamated Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Tuesday, February 11th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, February 11th. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s payout ratio is 14.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AMAL shares. Keefe, Bruyette & Woods raised their price objective on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler boosted their price target on shares of Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th.

Insider Transactions at Amalgamated Financial

In related news, major shareholder United Workers sold 55,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $37.23, for a total transaction of $2,047,650.00. Following the completion of the transaction, the insider now directly owns 7,379,084 shares in the company, valued at $274,723,297.32. The trade was a 0.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder States Regional Joint Western sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $35.21, for a total value of $352,100.00. Following the completion of the sale, the insider now directly owns 7,185,816 shares in the company, valued at approximately $253,012,581.36. The trade was a 0.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 591,849 shares of company stock valued at $21,099,252 over the last three months. Company insiders own 0.90% of the company’s stock.

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.