Amalgamated Financial (NASDAQ:AMAL) Announces Earnings Results

Amalgamated Financial (NASDAQ:AMAL) released its quarterly earnings data on Thursday. The company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.06, FiscalAI reports. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. The business had revenue of $99.17 million during the quarter, compared to analysts’ expectations of $99.26 million.

Amalgamated Financial Stock Performance

Shares of Amalgamated Financial stock opened at $49.80 on Thursday. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.49 billion, a P/E ratio of 13.29 and a beta of 0.81. The business has a fifty day simple moving average of $47.99 and a two-hundred day simple moving average of $45.56. Amalgamated Financial has a 12 month low of $26.45 and a 12 month high of $51.59.

Amalgamated Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Tuesday, November 3rd will be issued a $0.17 dividend. The ex-dividend date is Tuesday, November 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. Amalgamated Financial’s dividend payout ratio is 18.13%.

Analyst Upgrades and Downgrades

AMAL has been the topic of a number of recent analyst reports. Zacks Research upgraded Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research report on Thursday, June 25th. Piper Sandler upped their target price on Amalgamated Financial from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their target price on Amalgamated Financial from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Raymond James Financial started coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 price target for the company. Finally, Weiss Ratings upgraded shares of Amalgamated Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 9th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Transactions at Amalgamated Financial

In other Amalgamated Financial news, major shareholder States Regional Joint Western sold 228,284 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $47.84, for a total value of $10,921,106.56. Following the sale, the insider owned 373,022 shares in the company, valued at approximately $17,845,372.48. This represents a 37.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder United Workers sold 228,284 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $47.84, for a total value of $10,921,106.56. Following the completion of the sale, the insider directly owned 373,022 shares in the company, valued at approximately $17,845,372.48. This represents a 37.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,724,705 shares of company stock worth $83,009,328. 1.63% of the stock is owned by insiders.

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.