Franklin Resources Inc. Decreases Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Franklin Resources Inc. cut its stake in Amalgamated Financial Corp. (NASDAQ:AMAL) by 11.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 184,206 shares of the company’s stock after selling 23,434 shares during the period. Franklin Resources Inc. owned about 0.60% of Amalgamated Financial worth $6,187,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in Amalgamated Financial by 28.4% in the third quarter. US Bancorp DE now owns 2,312 shares of the company’s stock valued at $73,000 after acquiring an additional 512 shares during the period. CWM LLC lifted its stake in shares of Amalgamated Financial by 74.9% in the third quarter. CWM LLC now owns 2,414 shares of the company’s stock valued at $76,000 after purchasing an additional 1,034 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in Amalgamated Financial by 12.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 4,816 shares of the company’s stock worth $126,000 after buying an additional 528 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Amalgamated Financial during the second quarter worth about $213,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Amalgamated Financial during the third quarter worth about $214,000. 75.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AMAL shares. Piper Sandler boosted their price target on Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods upped their target price on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Buying and Selling at Amalgamated Financial

In other Amalgamated Financial news, major shareholder States Regional Joint Western sold 175,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $37.24, for a total transaction of $6,517,000.00. Following the transaction, the insider now owns 7,558,575 shares of the company’s stock, valued at $281,481,333. This represents a 2.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder United Workers sold 55,000 shares of Amalgamated Financial stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $37.23, for a total value of $2,047,650.00. Following the completion of the sale, the insider now directly owns 7,379,084 shares of the company’s stock, valued at approximately $274,723,297.32. This represents a 0.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 591,849 shares of company stock worth $21,099,252. Corporate insiders own 0.90% of the company’s stock.

Amalgamated Financial Trading Up 1.2 %

Shares of AMAL opened at $33.64 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. Amalgamated Financial Corp. has a 1-year low of $21.33 and a 1-year high of $38.19. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 9.89 and a beta of 0.91. The firm has a 50 day simple moving average of $35.05 and a 200-day simple moving average of $31.41.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, October 24th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%. The firm had revenue of $111.76 million for the quarter, compared to analysts’ expectations of $79.50 million. During the same quarter in the prior year, the firm earned $0.76 EPS. Equities analysts forecast that Amalgamated Financial Corp. will post 3.46 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Tuesday, November 5th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Tuesday, November 5th. Amalgamated Financial’s payout ratio is 14.12%.

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.