Amalgamated Financial (NASDAQ:AMAL) Issues Earnings Results, Beats Estimates By $0.08 EPS

Amalgamated Financial (NASDAQ:AMAL) issued its quarterly earnings data on Thursday. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.08, Zacks reports. The firm had revenue of $111.76 million for the quarter, compared to analyst estimates of $79.50 million. Amalgamated Financial had a net margin of 23.64% and a return on equity of 16.23%. During the same quarter last year, the firm earned $0.76 earnings per share.

Amalgamated Financial Stock Performance

NASDAQ:AMAL traded up $0.52 during midday trading on Friday, reaching $34.05. The stock had a trading volume of 84,746 shares, compared to its average volume of 144,492. The stock has a market capitalization of $1.04 billion, a P/E ratio of 11.13 and a beta of 0.92. Amalgamated Financial has a 1-year low of $15.33 and a 1-year high of $35.30. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.63 and a quick ratio of 0.63. The firm’s fifty day simple moving average is $31.83 and its 200-day simple moving average is $28.20.

Amalgamated Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Tuesday, November 5th. Amalgamated Financial’s payout ratio is 15.69%.

Analyst Ratings Changes

AMAL has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Amalgamated Financial from $31.50 to $32.50 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $35.00 target price (up from $30.00) on shares of Amalgamated Financial in a report on Monday, July 29th.

Insiders Place Their Bets

In other news, major shareholder United Canada Council Workers sold 82,464 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $31.05, for a total value of $2,560,507.20. Following the sale, the insider now directly owns 440,401 shares of the company’s stock, valued at approximately $13,674,451.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.