Amalgamated Financial (NASDAQ:AMAL) Declares Share Buyback Program

Amalgamated Financial (NASDAQ:AMAL) declared that its board has approved a stock buyback program on Monday, March 10th, RTT News reports. The company plans to buyback $40.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Amalgamated Financial Stock Up 3.6 %

Shares of AMAL opened at $29.35 on Wednesday. The business’s 50 day simple moving average is $33.95 and its 200-day simple moving average is $33.70. Amalgamated Financial has a one year low of $21.33 and a one year high of $38.19. The company has a market capitalization of $900.14 million, a P/E ratio of 8.51 and a beta of 0.93. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. As a group, sell-side analysts predict that Amalgamated Financial will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Tuesday, February 11th. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s dividend payout ratio (DPR) is presently 16.23%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods upped their price target on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler lowered shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Insiders Place Their Bets

In related news, EVP Tyrone Graham sold 869 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $29.73, for a total value of $25,835.37. Following the completion of the transaction, the executive vice president now owns 10,580 shares in the company, valued at $314,543.40. The trade was a 7.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder States Regional Joint Western sold 18,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $34.27, for a total value of $616,860.00. Following the transaction, the insider now directly owns 7,167,816 shares in the company, valued at approximately $245,641,054.32. This represents a 0.25 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,916 shares of company stock valued at $1,035,526. 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.