Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $3,538,504.20 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder United Workers sold 73,535 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $48.12, for a total transaction of $3,538,504.20. Following the completion of the sale, the insider directly owned 7,047,971 shares of the company’s stock, valued at approximately $339,148,364.52. The trade was a 1.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• 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 stock was sold at an average price of $47.28, for a total value of $709,200.00.

Amalgamated Financial Price Performance

Amalgamated Financial stock opened at $49.17 on Friday. Amalgamated Financial Corp. has a 52 week low of $25.13 and a 52 week high of $51.59. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. The stock has a fifty day moving average of $48.38 and a 200-day moving average of $43.50. The stock has a market capitalization of $1.47 billion, a P/E ratio of 13.11 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL) last posted its earnings results on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, topping 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 business had revenue of $96.10 million for the quarter, compared to the consensus estimate of $92.09 million. On average, sell-side analysts expect that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

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

Institutional Investors Weigh In On Amalgamated Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Amalgamated Financial during the second quarter worth $156,331,000. Vanguard Group Inc. lifted its holdings in shares of Amalgamated Financial by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company’s stock worth $45,943,000 after purchasing an additional 49,037 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Amalgamated Financial by 4.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,407,173 shares of the company’s stock valued at $38,205,000 after acquiring an additional 54,885 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in shares of Amalgamated Financial by 14.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company’s stock worth $30,552,000 after buying an additional 120,483 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in Amalgamated Financial by 4,999.4% during the second quarter. California State Teachers Retirement System now owns 837,124 shares of the company’s stock worth $38,424,000 after acquiring an additional 820,708 shares during the last quarter. Institutional investors and hedge funds own 75.93% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.