Amalgamated Financial Corp. (NASDAQ:AMAL – Get Free Report) declared 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 positive change from Amalgamated Financial’s previous quarterly dividend of $0.10.
Amalgamated Financial has raised 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 Stock Down 1.1 %
AMAL stock traded down $0.27 during midday trading on Thursday, hitting $23.71. 35,134 shares of the company’s stock were exchanged, compared to its average volume of 144,203. The firm has a 50 day moving average price of $23.20 and a 200-day moving average price of $22.82. Amalgamated Financial has a 12-month low of $14.05 and a 12-month high of $27.77. The stock has a market capitalization of $723.16 million, a price-to-earnings ratio of 8.27 and a beta of 0.94. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.52.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of 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 decreased their price target 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.
Read Our Latest Research Report on Amalgamated Financial
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.
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