Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $3,538,504.20 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 73,535 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $48.12, for a total transaction of $3,538,504.20. Following the completion of the transaction, the insider owned 7,047,971 shares of the company’s stock, valued at approximately $339,148,364.52. The trade was a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

States Regional Joint Western also recently made the following trade(s):

• On Wednesday, September 2nd, States Regional Joint Western sold 44,244 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.19, for a total value of $2,132,118.36.
• On Tuesday, September 1st, States Regional Joint Western sold 15,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.28, for a total value of $709,200.00.

Amalgamated Financial Stock Up 0.3%

AMAL stock opened at $49.17 on Friday. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59. The business has a fifty day moving average price of $48.38 and a 200-day moving average price of $43.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63. The stock has a market capitalization of $1.47 billion, a P/E ratio of 13.11 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.00 by $0.10. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%.The company had revenue of $96.10 million for the quarter, compared to analysts’ expectations of $92.09 million. Equities analysts forecast that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.17 per share. The ex-dividend date was Tuesday, August 4th. This represents a $0.68 annualized dividend and a yield of 1.4%. Amalgamated Financial’s dividend payout ratio is currently 18.13%.

Analysts Set New Price Targets

A number of brokerages have recently commented on AMAL. Raymond James Financial assumed coverage on shares of Amalgamated Financial in a research note on Thursday. They issued an “outperform” rating and a $55.00 price target for the company. Keefe, Bruyette & Woods raised their target price on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Piper Sandler lifted their target price on shares of Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Zacks Research upgraded shares of Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Hedge Funds Weigh In On Amalgamated Financial

A number of large investors have recently bought and sold shares of the business. Osaic Holdings Inc. grew its stake in Amalgamated Financial by 56.7% in the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock valued at $34,000 after purchasing an additional 391 shares during the last quarter. Compass Financial Management LLC purchased a new position in shares of Amalgamated Financial in the second quarter worth $59,000. Arax Advisory Partners raised its stake in shares of Amalgamated Financial by 187.1% in the fourth quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock worth $41,000 after purchasing an additional 827 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Amalgamated Financial by 143.8% during the first quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock worth $57,000 after purchasing an additional 876 shares during the period. Finally, CWM LLC lifted its holdings in shares of Amalgamated Financial by 41.2% during the fourth quarter. CWM LLC now owns 1,880 shares of the company’s stock worth $60,000 after purchasing an additional 549 shares during the period. Hedge funds and other institutional investors own 75.93% of the company’s stock.

About Amalgamated Financial

Amalgamated Financial Corp. (NASDAQ: AMAL) is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.

In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.