NEW YORK - Amalgamated Financial Corp. (NASDAQ:AMAL), a bank holding company, announced today that its Board of Directors has approved a 50% increase in its quarterly dividend. The rise takes the dividend from $0.10 to $0.15 per common share. Stockholders of record as of May 22, 2024, will be eligible for the dividend payment, which is scheduled for May 8, 2024.
The decision to boost the dividend reflects the company's financial performance and its commitment to delivering value to its shareholders. However, future dividend payments will remain at the discretion of the Board of Directors.
Amalgamated Financial Corp. operates as a public benefit corporation and holds Amalgamated Bank (NASDAQ:AMAL), which is a full-service commercial bank with a history dating back to its founding in 1923 by the Amalgamated Clothing Workers of America. The bank operates through a network of five branches located in key cities across the United States and maintains a commercial office in Boston.
As a member of the Global Alliance for Banking on Values and a certified B Corporation®, Amalgamated Bank emphasizes its engagement in commercial banking and financial services that align with social and environmental values.
The bank's financial health, as reported at the end of the previous year, shows total assets of $8.0 billion, with net loans totaling $4.3 billion and deposits amounting to $7.0 billion. Additionally, the trust business of the bank reported $41.7 billion in assets under custody and $14.8 billion in assets under management as of December 31, 2023.
This announcement is based on a press release statement from Amalgamated Financial Corp. The increase in the quarterly dividend is a significant move for the company and its investors, and it reflects the board's confidence in the financial stability and future prospects of the bank.
InvestingPro Insights
Following the recent announcement by Amalgamated Financial Corp. (NASDAQ:AMAL) regarding an increase in its quarterly dividend, a closer look at the company's financial metrics provides further context to this decision. According to InvestingPro data, Amalgamated Financial Corp. has a market capitalization of $703.03 million and a P/E ratio that stands at a competitive 8.03, suggesting that the company is trading at a low price relative to its near-term earnings growth.
The bank's commitment to shareholder value is further supported by its recent performance, with a notable price uptick of 45.3% over the last six months. Additionally, analysts predict that Amalgamated Financial Corp. will be profitable this year, a forecast that aligns with the company's profitable performance over the last twelve months.
Still, it is worth noting that Amalgamated Financial Corp. suffers from weak gross profit margins, which could be a point of focus for investors seeking long-term stability. With these insights, InvestingPro users can delve deeper into the company's financials and access even more InvestingPro Tips to inform their investment strategies.
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