Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 79,649 Shares

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder United Workers sold 79,649 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $47.91, for a total value of $3,815,983.59. Following the transaction, the insider owned 119,133 shares in the company, valued at approximately $5,707,662.03. This represents a 40.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, September 8th, United Workers sold 42,910 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.56, for a total value of $2,083,709.60.
• 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 value 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 value of $2,207,444.94.
• On Wednesday, September 2nd, United Workers sold 44,244 shares of Amalgamated Financial stock. The stock was 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 Trading Down 1.4%

Shares of AMAL traded down $0.66 during midday trading on Friday, reaching $47.86. The company had a trading volume of 493,525 shares, compared to its average volume of 166,743. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $48.54 and a 200-day simple moving average of $43.74. The stock has a market cap of $1.43 billion, a PE ratio of 12.76 and a beta of 0.79.

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

Amalgamated Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMAL. Keefe, Bruyette & Woods increased their price target on shares of Amalgamated Financial from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Piper Sandler upped their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Raymond James Financial began coverage on Amalgamated Financial in a report on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 price objective on the stock. Zacks Research raised Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Amalgamated Financial has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Hedge Funds Weigh In On Amalgamated Financial

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Amalgamated Financial during the 2nd quarter worth approximately $156,331,000. California State Teachers Retirement System boosted its position in Amalgamated Financial by 4,999.4% in the 2nd quarter. California State Teachers Retirement System now owns 837,124 shares of the company’s stock valued at $38,424,000 after buying an additional 820,708 shares during the period. Millennium Management LLC boosted its position in Amalgamated Financial by 63.7% in the 3rd quarter. Millennium Management LLC now owns 522,598 shares of the company’s stock valued at $14,189,000 after buying an additional 203,440 shares during the period. Bank of America Corp DE acquired a new position in shares of Amalgamated Financial in the second quarter worth $7,771,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Amalgamated Financial in the second quarter worth $6,931,000. Institutional investors and hedge funds own 75.93% of the company’s stock.

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.