Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $2,207,444.94 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 44,658 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $49.43, for a total value of $2,207,444.94. Following the sale, the insider owned 274,475 shares of the company’s stock, valued at $13,567,299.25. The trade was a 13.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, September 8th, States Regional Joint Western sold 42,910 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.56, for a total value 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 Wednesday, September 2nd, States Regional Joint Western sold 44,244 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.19, for a total transaction 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.
• On Monday, August 31st, States Regional Joint Western sold 73,535 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.12, for a total transaction of $3,538,504.20.

Amalgamated Financial Price Performance

Shares of NASDAQ:AMAL traded down $0.95 during midday trading on Tuesday, hitting $48.22. The company’s stock had a trading volume of 242,943 shares, compared to its average volume of 164,061. The business’s 50 day simple moving average is $48.43 and its 200 day simple moving average is $43.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. The company has a market cap of $1.44 billion, a P/E ratio of 12.86 and a beta of 0.79. Amalgamated Financial Corp. has a 12-month low of $25.13 and a 12-month high of $51.59.

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

Amalgamated Financial Announces Dividend

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AMAL. Osaic Holdings Inc. increased its stake in Amalgamated Financial by 56.7% during the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock worth $34,000 after acquiring an additional 391 shares during the last quarter. Arax Advisory Partners raised its position in Amalgamated Financial by 187.1% in the fourth quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock valued at $41,000 after purchasing an additional 827 shares during the period. Royal Bank of Canada lifted its stake in shares of Amalgamated Financial by 143.8% in the 1st quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock valued at $57,000 after purchasing an additional 876 shares during the last quarter. Compass Financial Management LLC acquired a new position in shares of Amalgamated Financial in the 2nd quarter valued at $59,000. Finally, CWM LLC grew its holdings in shares of Amalgamated Financial by 41.2% during the 4th quarter. CWM LLC now owns 1,880 shares of the company’s stock worth $60,000 after purchasing an additional 549 shares during the period. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

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.