Amalgamated Bank (AMAL) Declares Quarterly Dividend of $0.06

Amalgamated Bank (NASDAQ:AMAL) announced a quarterly dividend on Friday, May 3rd, Wall Street Journal reports. Shareholders of record on Thursday, May 16th will be paid a dividend of 0.06 per share on Friday, May 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Wednesday, May 15th.

AMAL opened at $17.45 on Tuesday. The company has a market cap of $552.81 million and a PE ratio of 12.83. Amalgamated Bank has a one year low of $13.25 and a one year high of $22.97.

Amalgamated Bank (NASDAQ:AMAL) last released its earnings results on Tuesday, April 30th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $48.19 million for the quarter, compared to the consensus estimate of $47.79 million. On average, sell-side analysts forecast that Amalgamated Bank will post 1.45 EPS for the current year.

A number of research firms have recently commented on AMAL. Zacks Investment Research cut Amalgamated Bank from a “hold” rating to a “sell” rating in a research note on Thursday, January 24th. ValuEngine cut Amalgamated Bank from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. Finally, Raymond James set a $19.00 target price on Amalgamated Bank and gave the company a “buy” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Amalgamated Bank has a consensus rating of “Hold” and an average target price of $20.21.

A hedge fund recently raised its stake in Amalgamated Bank stock. Geode Capital Management LLC increased its position in Amalgamated Bank (NASDAQ:AMAL) by 65.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,150 shares of the company’s stock after purchasing an additional 40,029 shares during the quarter. Geode Capital Management LLC owned approximately 0.32% of Amalgamated Bank worth $1,972,000 as of its most recent SEC filing. 40.14% of the stock is currently owned by institutional investors and hedge funds.

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About Amalgamated Bank

Amalgamated Bank, together with its subsidiaries, provides commercial banking and retail banking products and services in the United States. The company offers deposit products, including time deposits, non-interest and interest-bearing demand accounts, savings and money market accounts, NOW accounts, and certificates of deposit.

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