Amalgamated Financial (NASDAQ:AMAL) Insider Edgar Romney Jr Sells 5,992 Shares

Amalgamated Financial Corp. (NASDAQ:AMAL) insider Edgar Romney, Jr. sold 5,992 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $47.46, for a total transaction of $284,380.32. Following the transaction, the insider directly owned 22,393 shares of the company’s stock, valued at $1,062,771.78. This trade represents a 21.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Amalgamated Financial Trading Down 1.3%

NASDAQ:AMAL traded down $0.65 during trading hours on Friday, reaching $47.87. 493,525 shares of the company were exchanged, compared to its average volume of 166,745. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 12.77 and a beta of 0.79. The stock has a 50 day simple moving average of $48.54 and a 200 day simple moving average of $43.74. Amalgamated Financial Corp. has a 52-week low of $25.13 and a 52-week 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.

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

Amalgamated Financial Announces Dividend

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AMAL. Integrated Wealth Concepts LLC acquired a new position in shares of Amalgamated Financial during the second quarter worth about $30,000. Osaic Holdings Inc. grew its stake in shares of 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 buying an additional 391 shares in the last quarter. Arax Advisory Partners raised its holdings in shares of Amalgamated Financial by 187.1% during the 4th quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock valued at $41,000 after buying an additional 827 shares during the period. Royal Bank of Canada lifted its position in Amalgamated Financial by 143.8% during the 1st quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock worth $57,000 after acquiring an additional 876 shares in the last quarter. Finally, Compass Financial Management LLC acquired a new position in Amalgamated Financial during the 2nd quarter worth approximately $59,000. 75.93% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Amalgamated Financial

Here are the key news stories impacting Amalgamated Financial this week:

• Positive Sentiment: Amalgamated Financial’s latest reported quarter showed solid operating momentum: earnings per share came in at $1.10 versus the $1.00 consensus estimate, while revenue of $96.1 million exceeded expectations of $92.09 million.
• Positive Sentiment: Analyst sentiment remains constructive. The consensus rating is “Moderate Buy” with a $54 price target; Raymond James initiated coverage with an “outperform” rating and a $55 target, while Keefe, Bruyette & Woods raised its target to $54.
• Positive Sentiment: The company maintains a quarterly dividend of $0.17, or $0.68 annualized, representing a yield of approximately 1.4% and a payout ratio of about 18%.
• Neutral Sentiment: Reported short interest was zero shares, producing a zero-day short-interest ratio. The unchanged reading provides little useful information about current trading pressure.
• Negative Sentiment: Major shareholders United Workers and States Regional Joint Western each reported selling 79,649 AMAL shares at an average price of approximately $47.91, reducing their reported positions by about 40%. The combined sales represent roughly $7.6 million of potential supply. SEC major-shareholder filing
• Negative Sentiment: EVP Sam Brown sold 30,000 shares for approximately $1.45 million on September 8 and another 735 shares for about $35,000 on September 9. These transactions reduced his direct holdings substantially, although both were executed under a pre-arranged Rule 10b5-1 plan. SEC insider-sale filing

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.