Amalgamated Financial (NASDAQ:AMAL) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Amalgamated Financial (NASDAQ:AMAL) issued its quarterly earnings results on Thursday. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10, FiscalAI reports. Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The company had revenue of $96.10 million for the quarter, compared to analyst estimates of $92.09 million.

Amalgamated Financial Stock Up 0.4%

AMAL stock opened at $47.76 on Thursday. Amalgamated Financial has a fifty-two week low of $25.13 and a fifty-two week high of $48.60. 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 $1.43 billion, a price-to-earnings ratio of 14.02 and a beta of 0.79. The business’s fifty day moving average price is $44.11 and its two-hundred day moving average price is $40.79.

Amalgamated Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Tuesday, August 4th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, August 4th. This represents a $0.68 annualized dividend and a yield of 1.4%. Amalgamated Financial’s dividend payout ratio (DPR) is presently 19.77%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Amalgamated Financial news, CFO Jason Darby sold 3,000 shares of Amalgamated Financial stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $43.30, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Leslie Veluswamy sold 2,500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $43.51, for a total transaction of $108,775.00. Following the transaction, the chief accounting officer owned 14,215 shares in the company, valued at approximately $618,494.65. The trade was a 14.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 7,589 shares of company stock valued at $325,139. 1.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amalgamated Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMAL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Amalgamated Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock worth $306,000 after purchasing an additional 468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Amalgamated Financial by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company’s stock worth $1,872,000 after acquiring an additional 9,500 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Amalgamated Financial by 373.1% in the 1st quarter. Jane Street Group LLC now owns 44,284 shares of the company’s stock valued at $1,273,000 after purchasing an additional 34,923 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Amalgamated Financial by 11.6% in the 2nd quarter. Legal & General Group Plc now owns 21,476 shares of the company’s stock valued at $670,000 after purchasing an additional 2,231 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Amalgamated Financial by 27.9% during the 2nd quarter. Rhumbline Advisers now owns 35,442 shares of the company’s stock worth $1,106,000 after buying an additional 7,741 shares during the last quarter. 75.93% of the stock is owned by institutional investors and hedge funds.

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.