Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $1,499,100.00 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 30,000 shares of the stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $49.97, for a total value of $1,499,100.00. Following the transaction, the insider directly owned 6,886,216 shares of the company’s stock, valued at approximately $344,104,213.52. This trade represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

States Regional Joint Western also recently made the following trade(s):

• On Tuesday, November 3rd, States Regional Joint Western sold 16,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $50.02, for a total value of $800,320.00.
• On Monday, November 2nd, States Regional Joint Western sold 30,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $50.81, for a total value of $1,524,300.00.
• On Monday, September 14th, States Regional Joint Western sold 228,284 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.84, for a total value of $10,921,106.56.
• On Friday, September 11th, States Regional Joint Western sold 234,128 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.88, for a total value of $11,210,048.64.
• On Wednesday, September 9th, States Regional Joint Western sold 79,649 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.91, for a total transaction of $3,815,983.59.
• On Tuesday, September 8th, States Regional Joint Western sold 42,910 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.56, for a total transaction of $2,083,709.60.
• On Friday, September 4th, States Regional Joint Western sold 68,783 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.20, for a total transaction of $3,384,123.60.
• On Thursday, September 3rd, States Regional Joint Western sold 44,658 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.43, for a total transaction of $2,207,444.94.
• On Wednesday, September 2nd, States Regional Joint Western sold 44,244 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.19, for a total value of $2,132,118.36.
• On Tuesday, September 1st, States Regional Joint Western sold 15,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.28, for a total transaction of $709,200.00.

Amalgamated Financial Price Performance

AMAL opened at $49.36 on Friday. Amalgamated Financial Corp. has a 1 year low of $26.61 and a 1 year high of $52.30. The company’s 50 day simple moving average is $48.22 and its 200 day simple moving average is $44.14. The stock has a market capitalization of $1.47 billion, a PE ratio of 12.61 and a beta of 0.76. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.63 and a current ratio of 0.63.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.08 by $0.06. The firm had revenue of $99.17 million during the quarter, compared to analyst estimates of $99.26 million. Amalgamated Financial had a net margin of 24.57% and a return on equity of 14.91%. As a group, sell-side analysts expect that Amalgamated Financial Corp. will post 4.13 EPS for the current year.

Amalgamated Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, November 3rd. Amalgamated Financial’s payout ratio is currently 16.71%.

Wall Street Analyst Weigh In

AMAL has been the subject of several research analyst reports. Weiss Ratings lowered Amalgamated Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Piper Sandler increased their target price 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 initiated coverage on Amalgamated Financial in a report on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 price target for the company. Finally, Keefe, Bruyette & Woods boosted their price target on Amalgamated Financial from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Hedge Funds Weigh In On Amalgamated Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of AMAL. BlackRock Inc. acquired a new stake in shares of Amalgamated Financial during the 2nd quarter worth approximately $156,331,000. Congress Asset Management Co. lifted its holdings in shares of Amalgamated Financial by 22.5% in the 3rd quarter. Congress Asset Management Co. now owns 250,093 shares of the company’s stock worth $11,897,000 after purchasing an additional 45,855 shares during the last quarter. Bank of America Corp DE acquired a new position in Amalgamated Financial during the 2nd quarter valued at approximately $7,771,000. Bank of New York Mellon Corp acquired a new position in Amalgamated Financial during the 2nd quarter valued at approximately $6,931,000. Finally, Empowered Funds LLC acquired a new position in Amalgamated Financial during the 2nd quarter valued at approximately $6,459,000. 75.93% of the stock is currently owned by institutional investors and hedge funds.

About Amalgamated Financial

Amalgamated Financial Corporation (NASDAQ:AMAL) is the parent company of Amalgamated Bank, a commercial bank that provides banking, lending and financial services to businesses, nonprofit organizations, labor unions, political organizations and individual consumers. The bank is known for serving mission-driven and socially responsible organizations, as well as customers seeking conventional banking products.

Amalgamated Bank offers commercial and consumer deposits, commercial and real estate lending, treasury management, online and mobile banking, payment services, and investment management.