Amalgamated Financial Corp. (NASDAQ:AMAL – Get Free Report) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders of record on Wednesday, May 8th will be paid 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 2.04%. The ex-dividend date of this dividend 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 payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance
NASDAQ:AMAL traded down $0.42 during mid-day trading on Thursday, reaching $23.56. 26,639 shares of the company were exchanged, compared to its average volume of 144,100. Amalgamated Financial has a 12 month low of $14.05 and a 12 month high of $27.77. The company has a fifty day moving average of $23.20 and a 200 day moving average of $22.82. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.52. The stock has a market cap of $718.58 million, a PE ratio of 8.24 and a beta of 0.94.
Wall Street Analysts Forecast Growth
AMAL has been the topic of several recent research reports. 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 research note on Thursday, April 4th. Keefe, Bruyette & Woods cut their price target on shares of Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday, April 5th.
Read Our Latest Stock Analysis on AMAL
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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