Amalgamated Financial Corp. (NASDAQ:AMAL – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as $51.62 and last traded at $51.51, with a volume of 111,263 shares. The stock had previously closed at $50.88.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the company. Weiss Ratings downgraded Amalgamated Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Keefe, Bruyette & Woods raised their target price on Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Piper Sandler boosted their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Raymond James Financial began 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. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Amalgamated Financial has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.
View Our Latest Research Report on Amalgamated Financial
Amalgamated Financial Price Performance
The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 12.59 and a beta of 0.81. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $48.03 and its 200 day moving average is $43.65.
Amalgamated Financial (NASDAQ:AMAL – Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.06. The company had revenue of $99.17 million during the quarter, compared to the consensus estimate of $99.26 million. Amalgamated Financial had a net margin of 24.57% and a return on equity of 15.00%. Research analysts anticipate that Amalgamated Financial Corp. will post 4.13 EPS for the current fiscal year.
Amalgamated Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, November 3rd. Amalgamated Financial’s payout ratio is presently 16.71%.
Insider Transactions at Amalgamated Financial
In related news, major shareholder States Regional Joint Western sold 228,284 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $47.84, for a total transaction of $10,921,106.56. Following the transaction, the insider owned 373,022 shares in the company, valued at $17,845,372.48. This trade represents a 37.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jason Darby sold 19,995 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $48.10, for a total value of $961,759.50. Following the transaction, the chief financial officer owned 53,851 shares in the company, valued at $2,590,233.10. This represents a 27.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,722,567 shares of company stock worth $82,903,390. Insiders own 1.63% of the company’s stock.
Hedge Funds Weigh In On Amalgamated Financial
A number of institutional investors have recently modified their holdings of AMAL. BlackRock Inc. acquired a new stake in Amalgamated Financial during the 2nd quarter worth $156,331,000. Congress Asset Management Co. grew its holdings in shares of Amalgamated Financial by 22.5% during the third quarter. Congress Asset Management Co. now owns 250,093 shares of the company’s stock worth $11,897,000 after buying an additional 45,855 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Amalgamated Financial during the second quarter worth about $7,771,000. Bank of New York Mellon Corp purchased a new position in shares of Amalgamated Financial during the second quarter worth about $6,931,000. Finally, Bessemer Group Inc. lifted its position in Amalgamated Financial by 46.6% during the 1st quarter. Bessemer Group Inc. now owns 150,263 shares of the company’s stock worth $5,841,000 after acquiring an additional 47,770 shares during the period. 75.93% of the stock is 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.
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