Edgar Romney, Jr. Sells 5,992 Shares of Amalgamated Financial (NASDAQ:AMAL) Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) insider Edgar Romney, Jr. sold 5,992 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $47.46, for a total transaction of $284,380.32. Following the sale, the insider owned 22,393 shares of the company’s stock, valued at approximately $1,062,771.78. The trade was a 21.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Amalgamated Financial Trading Down 1.3%

Amalgamated Financial stock opened at $47.87 on Friday. The firm’s 50-day moving average is $48.58 and its 200-day moving average is $43.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. Amalgamated Financial Corp. has a 1 year low of $25.13 and a 1 year high of $51.59. The company has a market cap of $1.43 billion, a P/E ratio of 12.77 and a beta of 0.79.

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

Amalgamated Financial Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AMAL. Quadrant Capital Group LLC raised its holdings in Amalgamated Financial by 11.0% during the 4th quarter. Quadrant Capital Group LLC now owns 3,136 shares of the company’s stock worth $100,000 after buying an additional 312 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Amalgamated Financial by 3.4% in the third quarter. Intech Investment Management LLC now owns 11,628 shares of the company’s stock worth $316,000 after buying an additional 383 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Amalgamated Financial by 56.7% in the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock worth $34,000 after buying an additional 391 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Amalgamated Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock worth $306,000 after acquiring an additional 468 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Amalgamated Financial in the second quarter worth approximately $30,000. Institutional investors and hedge funds own 75.93% of the company’s stock.

Key Amalgamated Financial News

Here are the key news stories impacting Amalgamated Financial this week:

• Positive Sentiment: Amalgamated Financial’s latest reported quarter showed solid operating momentum: earnings per share came in at $1.10 versus the $1.00 consensus estimate, while revenue of $96.1 million exceeded expectations of $92.09 million.
• Positive Sentiment: Analyst sentiment remains constructive. The consensus rating is “Moderate Buy” with a $54 price target; Raymond James initiated coverage with an “outperform” rating and a $55 target, while Keefe, Bruyette & Woods raised its target to $54.
• Positive Sentiment: The company maintains a quarterly dividend of $0.17, or $0.68 annualized, representing a yield of approximately 1.4% and a payout ratio of about 18%.
• Neutral Sentiment: Reported short interest was zero shares, producing a zero-day short-interest ratio. The unchanged reading provides little useful information about current trading pressure.
• Negative Sentiment: Major shareholders United Workers and States Regional Joint Western each reported selling 79,649 AMAL shares at an average price of approximately $47.91, reducing their reported positions by about 40%. The combined sales represent roughly $7.6 million of potential supply. SEC major-shareholder filing
• Negative Sentiment: EVP Sam Brown sold 30,000 shares for approximately $1.45 million on September 8 and another 735 shares for about $35,000 on September 9. These transactions reduced his direct holdings substantially, although both were executed under a pre-arranged Rule 10b5-1 plan. SEC insider-sale filing

Analysts Set New Price Targets

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

About Amalgamated Financial

Amalgamated Financial Corporation is the holding company for Amalgamated Bank, a full-service commercial bank founded in 1923 by the Amalgamated Clothing Workers of America. The bank provides banking and financial services to consumers, businesses, nonprofit organizations, labor unions, political organizations and other mission-driven institutions.

Its products and services include commercial and consumer deposit accounts, lending, cash management, payment processing, online and mobile banking, investment management and related treasury services.