Amalgamated Financial sets dividend at $0.14 per share

NEW YORK - Amalgamated Financial Corp. (NASDAQ:AMAL) has declared a regular dividend of $0.14 per share, to be distributed on May 22, 2025, to shareholders on record as of May 6, 2025. This announcement was made earlier today, confirming the company’s commitment to providing returns to its investors. According to InvestingPro data, AMAL has raised its dividend for three consecutive years, with a current yield of 2.13%. The decision to issue dividends and the determination of the amount remain at the discretion of the Board of Directors.

Amalgamated Financial Corp., established as a public benefit corporation, operates as a bank holding company through its wholly-owned subsidiary, Amalgamated Bank. The bank, with a history dating back to 1923, was founded by the Amalgamated Clothing Workers of America. It serves both commercial and retail customers with a full suite of banking and trust services. With a presence in key cities across the United States, including New York City, Washington D.C., San Francisco, and a commercial office in Boston, the bank has a significant footprint. Currently valued at $845 million in market capitalization, the company trades at an attractive P/E ratio of 7.9x.

The bank’s commitment to values-based banking is evident in its membership with the Global Alliance for Banking on Values and its status as a certified B Corporation. As of December 31, 2024, Amalgamated Bank reported total assets of $8.3 billion, net loans of $4.6 billion, and total deposits of $7.2 billion. The trust business of the bank also held $35.0 billion in assets under custody and $14.6 billion in assets under management, showcasing a sturdy financial position. InvestingPro analysis reveals a "GREAT" overall Financial Health Score of 3.02 out of 5, reflecting strong fundamentals.

While the dividend declaration is a sign of the company’s current financial health, future dividends will be subject to the Board’s ongoing review and could vary based on the company’s performance and strategic direction.

This financial update is based on a press release statement from Amalgamated Financial Corp. and provides shareholders and the market with the latest information on the company’s dividend policy and financial standing.

In other recent news, Amalgamated Financial Corp. announced a new $40 million share repurchase program, which replaces a previous plan that had $18.7 million remaining. This initiative, which lacks a set expiration date, has been positively received by analysts at Keefe, Bruyette & Woods, who reiterated their Outperform rating for the company. Amalgamated Financial also secured a significant 15-year lease for its new headquarters at 99 Park Avenue in New York City, reflecting its commitment to maintaining a strong presence in the area. The lease includes a substantial base rent abatement period and escalations over time, showing a strategic investment in operational infrastructure.

In another development, Amalgamated Bank, a subsidiary of Amalgamated Financial, completed Oklahoma’s first adjustable-rate financing under the C-PACE Program for the Alley North Office development. This project highlights the bank’s focus on sustainable construction and energy efficiency. Additionally, Amalgamated Financial introduced a new Bonus Deferral Plan for executives, allowing them to defer bonuses in the form of deferred stock units, with a matching component subject to vesting conditions. The company also amended its CEO’s employment agreement, extending her term and setting her compensation structure.

These recent developments showcase Amalgamated Financial’s strategic initiatives in real estate, sustainable finance, and executive compensation, reflecting its broader operational and financial strategies.

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