Amalgamated Financial (NASDAQ:AMAL) Reaches New 12-Month High – Still a Buy?

Amalgamated Financial Corp. (NASDAQ:AMAL)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $45.25 and last traded at $45.18, with a volume of 27533 shares. The stock had previously closed at $44.25.

Analyst Upgrades and Downgrades

AMAL has been the topic of several recent analyst reports. Piper Sandler boosted their target price on shares of Amalgamated Financial from $41.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Zacks Research cut Amalgamated Financial from a “hold” rating to a “strong sell” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $44.00.

Amalgamated Financial Stock Up 0.3%

The business has a fifty day moving average price of $42.11 and a two-hundred day moving average price of $38.79. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.09. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 13.23 and a beta of 0.80.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.15). Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The company had revenue of $91.36 million for the quarter, compared to analyst estimates of $91.16 million. On average, equities analysts predict that Amalgamated Financial Corp. will post 3.92 earnings per share for the current year.

Amalgamated Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Tuesday, May 5th were given a $0.17 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.68 dividend on an annualized basis and a yield of 1.5%. Amalgamated Financial’s dividend payout ratio is presently 19.77%.

Insider Activity at Amalgamated Financial

In other news, CFO Jason Darby sold 3,000 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $43.30, for a total value of $129,900.00. Following the transaction, the chief financial officer directly owned 79,343 shares of the company’s stock, valued at approximately $3,435,551.90. This represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Leslie Veluswamy sold 2,500 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $43.51, for a total value of $108,775.00. Following the sale, the chief accounting officer owned 14,215 shares of the company’s stock, valued at approximately $618,494.65. This represents a 14.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 13,285 shares of company stock worth $550,124. Corporate insiders own 1.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of AMAL. Millennium Management LLC raised its stake in shares of Amalgamated Financial by 63.7% during the 3rd quarter. Millennium Management LLC now owns 522,598 shares of the company’s stock worth $14,189,000 after purchasing an additional 203,440 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Amalgamated Financial by 78.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 295,670 shares of the company’s stock valued at $9,470,000 after buying an additional 129,585 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of Amalgamated Financial by 14.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company’s stock valued at $30,552,000 after buying an additional 120,483 shares in the last quarter. First Trust Advisors LP increased its holdings in Amalgamated Financial by 616.8% in the second quarter. First Trust Advisors LP now owns 132,681 shares of the company’s stock worth $4,140,000 after buying an additional 114,171 shares during the last quarter. Finally, Credit Agricole S A acquired a new position in Amalgamated Financial in the third quarter worth approximately $2,839,000. Hedge funds and other institutional investors own 75.93% of the company’s stock.

Amalgamated Financial Company Profile

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.