Amalgamated Financial (NASDAQ:AMAL) Hits New 52-Week High After Dividend Announcement

Amalgamated Financial Corp. (NASDAQ:AMAL) shares reached a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $32.22 and last traded at $31.80, with a volume of 194568 shares changing hands. The stock had previously closed at $32.01.

The newly announced dividend which will be paid on Thursday, August 22nd. Investors of record on Tuesday, August 6th will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.53%. Amalgamated Financial’s dividend payout ratio (DPR) is presently 15.69%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, April 5th. JPMorgan Chase & Co. boosted their price target on shares of Amalgamated Financial from $31.50 to $32.50 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler reiterated an “overweight” rating and set a $29.00 price target (up from $28.00) on shares of Amalgamated Financial in a research note on Friday, April 26th.

Amalgamated Financial Stock Down 1.8 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.64 and a quick ratio of 0.64. The firm’s 50-day simple moving average is $26.54 and its two-hundred day simple moving average is $25.01. The company has a market capitalization of $955.28 million, a price-to-earnings ratio of 10.10 and a beta of 0.94.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, April 25th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.11. Amalgamated Financial had a net margin of 23.22% and a return on equity of 16.34%. The company had revenue of $107.16 million for the quarter, compared to analyst estimates of $75.77 million. During the same period in the prior year, the business posted $0.74 earnings per share. Sell-side analysts predict that Amalgamated Financial Corp. will post 3.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Edgar Romney, Jr. sold 8,269 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $25.25, for a total value of $208,792.25. Following the sale, the insider now directly owns 13,856 shares in the company, valued at $349,864. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Edgar Romney, Jr. sold 8,269 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $25.25, for a total value of $208,792.25. Following the sale, the insider now directly owns 13,856 shares in the company, valued at $349,864. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jason Darby sold 4,000 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $27.02, for a total transaction of $108,080.00. Following the completion of the sale, the chief financial officer now owns 56,470 shares in the company, valued at $1,525,819.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,263 shares of company stock worth $545,949. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amalgamated Financial

Several institutional investors and hedge funds have recently modified their holdings of AMAL. SG Americas Securities LLC lifted its stake in shares of Amalgamated Financial by 29.6% during the fourth quarter. SG Americas Securities LLC now owns 10,290 shares of the company’s stock valued at $277,000 after buying an additional 2,353 shares during the period. Assenagon Asset Management S.A. raised its stake in Amalgamated Financial by 30.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 129,127 shares of the company’s stock worth $3,479,000 after purchasing an additional 30,262 shares during the period. Denali Advisors LLC purchased a new position in Amalgamated Financial during the fourth quarter worth approximately $423,000. Clean Yield Group raised its stake in shares of Amalgamated Financial by 3.5% in the 4th quarter. Clean Yield Group now owns 145,464 shares of the company’s stock valued at $3,919,000 after acquiring an additional 4,960 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Amalgamated Financial by 35.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,310 shares of the company’s stock valued at $170,000 after acquiring an additional 1,665 shares during the period. Hedge funds and other institutional investors own 75.93% of the company’s stock.

About Amalgamated Financial

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.