Insider Selling: Amalgamated Financial Corp. (NASDAQ:AMAL) EVP Sells 8,994 Shares of Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) EVP Sam D. Brown sold 8,994 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $25.47, for a total value of $229,077.18. Following the completion of the transaction, the executive vice president now owns 45,970 shares in the company, valued at approximately $1,170,855.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Amalgamated Financial Price Performance

Shares of NASDAQ AMAL traded down $0.28 during midday trading on Tuesday, hitting $25.12. 86,940 shares of the company’s stock were exchanged, compared to its average volume of 144,335. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.52. Amalgamated Financial Corp. has a 12-month low of $14.05 and a 12-month high of $27.77. The business’s fifty day moving average price is $23.33 and its two-hundred day moving average price is $23.30. The company has a market cap of $766.16 million, a price-to-earnings ratio of 8.30 and a beta of 0.91.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings results on Thursday, April 25th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.11. The company had revenue of $107.16 million during the quarter, compared to analyst estimates of $75.77 million. Amalgamated Financial had a net margin of 23.22% and a return on equity of 16.81%. During the same period last year, the business earned $0.74 EPS. As a group, research analysts forecast that Amalgamated Financial Corp. will post 3.13 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 8th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Tuesday, May 7th. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.10. Amalgamated Financial’s dividend payout ratio (DPR) is currently 13.07%.

Hedge Funds Weigh In On Amalgamated Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMAL. Adage Capital Partners GP L.L.C. grew its holdings in Amalgamated Financial by 2.8% in the third quarter. Adage Capital Partners GP L.L.C. now owns 2,182,279 shares of the company’s stock valued at $37,579,000 after purchasing an additional 59,337 shares during the period. Schroder Investment Management Group boosted its holdings in shares of Amalgamated Financial by 26.5% in the 3rd quarter. Schroder Investment Management Group now owns 317,107 shares of the company’s stock valued at $5,461,000 after buying an additional 66,420 shares in the last quarter. Clean Yield Group grew its stake in shares of Amalgamated Financial by 3.5% in the 4th quarter. Clean Yield Group now owns 145,464 shares of the company’s stock valued at $3,919,000 after purchasing an additional 4,960 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Amalgamated Financial by 30.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 129,127 shares of the company’s stock worth $3,479,000 after purchasing an additional 30,262 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in shares of Amalgamated Financial by 3.9% in the third quarter. Brown Advisory Inc. now owns 862,875 shares of the company’s stock valued at $14,859,000 after purchasing an additional 32,733 shares during the last quarter. Hedge funds and other institutional investors own 75.93% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on AMAL shares. Keefe, Bruyette & Woods lowered their price objective on shares of Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, April 5th. Piper Sandler reissued an “overweight” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Amalgamated Financial in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. cut their target price on Amalgamated Financial from $33.00 to $29.50 and set an “overweight” rating for the company in a research report on Thursday, April 4th.

About Amalgamated Financial

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.