Amalgamated Financial’s (AMAL) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Amalgamated Financial (NASDAQ:AMAL) in a research report sent to investors on Friday morning, Benzinga reports. Piper Sandler currently has a $29.00 price objective on the stock, up from their prior price objective of $28.00.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. dropped their target price on Amalgamated Financial from $33.00 to $29.50 and set an overweight rating on the stock in a report on Thursday, April 4th. Keefe, Bruyette & Woods dropped their price objective on Amalgamated Financial from $32.00 to $30.00 and set an outperform rating on the stock in a report on Friday, April 5th.

Amalgamated Financial Stock Performance

Shares of NASDAQ:AMAL opened at $24.60 on Friday. The company has a market cap of $750.30 million, a P/E ratio of 8.60 and a beta of 0.94. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.65 and a current ratio of 0.65. Amalgamated Financial has a one year low of $14.05 and a one year high of $27.77. The business’s 50-day simple moving average is $23.19 and its 200 day simple moving average is $22.82.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, January 25th. The company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). The company had revenue of $105.39 million for the quarter, compared to analysts’ expectations of $71.59 million. Amalgamated Financial had a net margin of 22.71% and a return on equity of 16.60%. During the same quarter in the previous year, the business posted $0.83 earnings per share. On average, sell-side analysts forecast that Amalgamated Financial will post 3.07 earnings per share for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 8th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, May 7th. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 1.95%. Amalgamated Financial’s payout ratio is currently 13.99%.

Institutional Investors Weigh In On Amalgamated Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in shares of Amalgamated Financial in the 3rd quarter valued at approximately $137,000. Bank of New York Mellon Corp increased its holdings in shares of Amalgamated Financial by 33.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 167,441 shares of the company’s stock valued at $2,883,000 after acquiring an additional 42,171 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of Amalgamated Financial by 3.9% in the 3rd quarter. Brown Advisory Inc. now owns 862,875 shares of the company’s stock valued at $14,859,000 after acquiring an additional 32,733 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of Amalgamated Financial in the 3rd quarter valued at approximately $200,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Amalgamated Financial by 178.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 98,865 shares of the company’s stock valued at $1,702,000 after acquiring an additional 63,385 shares during the last quarter. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Amalgamated Financial Company Profile

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.