Amalgamated Financial (NASDAQ:AMAL) Hits New 12-Month High Following Dividend Announcement

Amalgamated Financial Corp. (NASDAQ:AMAL) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $48.67 and last traded at $47.2650, with a volume of 320 shares. The stock had previously closed at $47.56.

The newly announced dividend which will be paid on Thursday, August 20th. Investors of record on Tuesday, August 4th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, August 4th. Amalgamated Financial’s payout ratio is currently 19.77%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Zacks Research upgraded Amalgamated Financial from a “strong sell” rating to a “hold” rating in a report on Thursday, June 25th. Piper Sandler raised their price objective on shares of Amalgamated Financial from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Finally, Weiss Ratings raised shares of Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.00.

Amalgamated Financial Price Performance

The company’s 50 day simple moving average is $43.97 and its two-hundred day simple moving average is $40.69. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a market capitalization of $1.40 billion, a P/E ratio of 13.75 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.15). Amalgamated Financial had a net margin of 22.33% and a return on equity of 13.89%. The company had revenue of $91.36 million during the quarter, compared to the consensus estimate of $91.16 million. As a group, equities analysts expect that Amalgamated Financial Corp. will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Leslie Veluswamy sold 2,500 shares of Amalgamated Financial stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $43.51, for a total value of $108,775.00. Following the sale, the chief accounting officer directly owned 14,215 shares in the company, valued at $618,494.65. This trade represents a 14.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jason Darby sold 3,000 shares of Amalgamated Financial stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $43.30, for a total transaction of $129,900.00. Following the completion of the sale, the chief financial officer owned 79,343 shares in the company, valued at $3,435,551.90. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 7,589 shares of company stock worth $325,139. 1.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amalgamated Financial

Hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. increased its position in Amalgamated Financial by 56.7% during the 2nd quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock worth $34,000 after purchasing an additional 391 shares in the last quarter. Arax Advisory Partners lifted its holdings in shares of Amalgamated Financial by 187.1% during the fourth quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock worth $41,000 after purchasing an additional 827 shares during the period. Royal Bank of Canada grew its stake in shares of Amalgamated Financial by 143.8% in the first quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock worth $57,000 after purchasing an additional 876 shares during the last quarter. CWM LLC raised its position in Amalgamated Financial by 41.2% during the 4th quarter. CWM LLC now owns 1,880 shares of the company’s stock worth $60,000 after purchasing an additional 549 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Amalgamated Financial by 140.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,014 shares of the company’s stock worth $63,000 after purchasing an additional 1,177 shares during the last quarter. 75.93% of the stock is owned by institutional investors.

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.