Adage Capital Partners GP L.L.C. Sells 168,197 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Adage Capital Partners GP L.L.C. lessened its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL) by 23.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 548,065 shares of the company’s stock after selling 168,197 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 1.79% of Amalgamated Financial worth $18,344,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Sterling Capital Management LLC increased its holdings in shares of Amalgamated Financial by 4.0% in the 4th quarter. Sterling Capital Management LLC now owns 13,175 shares of the company’s stock worth $441,000 after buying an additional 512 shares during the last quarter. US Bancorp DE grew its position in Amalgamated Financial by 28.1% in the fourth quarter. US Bancorp DE now owns 2,962 shares of the company’s stock worth $99,000 after acquiring an additional 650 shares in the last quarter. USA Financial Formulas bought a new stake in Amalgamated Financial during the fourth quarter worth approximately $34,000. R Squared Ltd purchased a new stake in Amalgamated Financial during the fourth quarter valued at approximately $38,000. Finally, Harrington Investments INC lifted its stake in shares of Amalgamated Financial by 1.7% in the 4th quarter. Harrington Investments INC now owns 80,510 shares of the company’s stock valued at $2,695,000 after purchasing an additional 1,310 shares during the last quarter. Hedge funds and other institutional investors own 75.93% of the company’s stock.

Insider Buying and Selling

In other Amalgamated Financial news, EVP Tyrone Graham sold 869 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $29.73, for a total transaction of $25,835.37. Following the transaction, the executive vice president now directly owns 10,580 shares in the company, valued at $314,543.40. This trade represents a 7.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Sean Searby sold 3,000 shares of Amalgamated Financial stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $32.49, for a total value of $97,470.00. Following the sale, the executive vice president now directly owns 17,639 shares of the company’s stock, valued at approximately $573,091.11. This trade represents a 14.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,656 shares of company stock valued at $1,054,122 in the last 90 days. Company insiders own 1.29% of the company’s stock.

Amalgamated Financial Stock Up 0.9 %

Shares of NASDAQ:AMAL opened at $27.96 on Friday. The firm has a market capitalization of $858.01 million, a PE ratio of 8.10 and a beta of 0.75. The business has a 50 day simple moving average of $28.99 and a two-hundred day simple moving average of $32.79. Amalgamated Financial Corp. has a 1 year low of $24.02 and a 1 year high of $38.19. 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 (NASDAQ:AMAL) last posted its quarterly earnings data on Thursday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The company had revenue of $79.69 million during the quarter, compared to analysts’ expectations of $74.78 million. During the same quarter in the previous year, the business earned $0.89 EPS. On average, equities analysts predict that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial declared that its board has approved a share repurchase plan on Monday, March 10th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to buy up to 4.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Amalgamated Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Tuesday, May 6th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Tuesday, May 6th. Amalgamated Financial’s payout ratio is presently 16.23%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods cut their target price on Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating on the stock in a research report on Friday. Piper Sandler cut shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $42.00 to $38.00 in a research report on Friday, February 21st.

Amalgamated Financial 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.