Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $2,083,709.60 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder United Workers sold 42,910 shares of Amalgamated Financial stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $48.56, for a total transaction of $2,083,709.60. Following the sale, the insider owned 198,782 shares of the company’s stock, valued at approximately $9,652,853.92. The trade was a 17.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

United Workers also recently made the following trade(s):

• On Friday, September 4th, United Workers sold 68,783 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.20, for a total transaction of $3,384,123.60.
• On Thursday, September 3rd, United Workers sold 44,658 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.43, for a total transaction of $2,207,444.94.
• On Wednesday, September 2nd, United Workers 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, United Workers sold 15,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.28, for a total value of $709,200.00.
• On Monday, August 31st, United Workers sold 73,535 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.12, for a total value of $3,538,504.20.

Amalgamated Financial Price Performance

AMAL stock traded down $0.95 during mid-day trading on Tuesday, hitting $48.22. 242,943 shares of the stock were exchanged, compared to its average volume of 164,061. The business has a fifty day moving average price of $48.43 and a 200 day moving average price of $43.58. Amalgamated Financial Corp. has a 12 month low of $25.13 and a 12 month high of $51.59. 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 $1.44 billion, a price-to-earnings ratio of 12.86 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL) last announced 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. The firm had revenue of $96.10 million for the quarter, compared to analyst estimates of $92.09 million. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. On average, sell-side analysts anticipate that Amalgamated Financial Corp. will post 4.06 EPS for the current year.

Amalgamated Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Tuesday, August 4th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Tuesday, August 4th. Amalgamated Financial’s dividend payout ratio (DPR) is presently 18.13%.

Institutional Investors Weigh In On Amalgamated Financial

A number of large investors have recently added to or reduced their stakes in AMAL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Amalgamated Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock valued at $306,000 after acquiring an additional 468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Amalgamated Financial by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company’s stock worth $1,872,000 after purchasing an additional 9,500 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Amalgamated Financial by 373.1% in the first quarter. Jane Street Group LLC now owns 44,284 shares of the company’s stock worth $1,273,000 after purchasing an additional 34,923 shares during the last quarter. Legal & General Group Plc increased its holdings in Amalgamated Financial by 11.6% during the 2nd quarter. Legal & General Group Plc now owns 21,476 shares of the company’s stock valued at $670,000 after purchasing an additional 2,231 shares during the period. Finally, Rhumbline Advisers raised its position in Amalgamated Financial by 27.9% during the 2nd quarter. Rhumbline Advisers now owns 35,442 shares of the company’s stock valued at $1,106,000 after purchasing an additional 7,741 shares during the last quarter. Institutional investors own 75.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Zacks Research upgraded shares of Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research report on Thursday, June 25th. Piper Sandler raised their price target on Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Raymond James Financial started coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Weiss Ratings upgraded Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.