Amalgamated Financial (NASDAQ:AMAL) Shares Gap Down Following Weak Earnings

Amalgamated Financial Corp. (NASDAQ:AMAL)’s stock price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $42.31, but opened at $38.25. Amalgamated Financial shares last traded at $39.7920, with a volume of 27,152 shares changing hands.

The company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.18). Amalgamated Financial had a net margin of 23.05% and a return on equity of 14.60%. The business had revenue of $91.36 million for the quarter, compared to analyst estimates of $91.16 million.

Amalgamated Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Tuesday, May 5th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, May 5th. This represents a $0.68 dividend on an annualized basis and a yield of 1.7%. Amalgamated Financial’s dividend payout ratio is presently 19.94%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Weiss Ratings raised shares of Amalgamated Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, February 26th. Piper Sandler initiated coverage on shares of Amalgamated Financial in a report on Monday, March 16th. They issued a “neutral” rating and a $41.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Insider Transactions at Amalgamated Financial

In related news, EVP Tyrone Graham sold 2,285 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $39.91, for a total value of $91,194.35. Following the completion of the sale, the executive vice president directly owned 13,443 shares in the company, valued at approximately $536,510.13. This trade represents a 14.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sean Searby sold 748 shares of Amalgamated Financial stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $40.02, for a total value of $29,934.96. Following the transaction, the executive vice president owned 22,307 shares of the company’s stock, valued at $892,726.14. The trade was a 3.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 8,482 shares of company stock worth $335,658. 1.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Amalgamated Financial

A number of large investors have recently added to or reduced their stakes in AMAL. AlphaQuest LLC acquired a new position in shares of Amalgamated Financial in the third quarter valued at $816,000. American Century Companies Inc. lifted its stake in shares of Amalgamated Financial by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 589,033 shares of the company’s stock worth $15,992,000 after buying an additional 36,851 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Amalgamated Financial by 13.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 158,163 shares of the company’s stock worth $4,294,000 after buying an additional 18,142 shares during the period. Arjuna Capital grew its stake in Amalgamated Financial by 4.5% in the 3rd quarter. Arjuna Capital now owns 99,782 shares of the company’s stock valued at $2,709,000 after buying an additional 4,280 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Amalgamated Financial by 201.4% in the 3rd quarter. SG Americas Securities LLC now owns 12,194 shares of the company’s stock valued at $331,000 after buying an additional 8,148 shares during the last quarter. Institutional investors own 75.93% of the company’s stock.

Amalgamated Financial Stock Performance

The company’s fifty day simple moving average is $39.68 and its two-hundred day simple moving average is $34.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market capitalization of $1.20 billion, a P/E ratio of 11.76 and a beta of 0.82.

Amalgamated Financial Company Profile

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.