Rafferty Asset Management LLC Buys 3,950 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Rafferty Asset Management LLC increased its stake in Amalgamated Financial Corp. (NASDAQ:AMAL) by 12.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,188 shares of the company’s stock after buying an additional 3,950 shares during the period. Rafferty Asset Management LLC owned 0.11% of Amalgamated Financial worth $1,178,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd bought a new position in Amalgamated Financial in the 4th quarter worth about $38,000. New York State Teachers Retirement System purchased a new stake in shares of Amalgamated Financial in the fourth quarter valued at approximately $55,000. KLP Kapitalforvaltning AS bought a new position in Amalgamated Financial in the fourth quarter worth approximately $90,000. US Bancorp DE increased its holdings in Amalgamated Financial by 28.1% during the 4th quarter. US Bancorp DE now owns 2,962 shares of the company’s stock worth $99,000 after purchasing an additional 650 shares during the period. Finally, Midwest Professional Planners LTD. purchased a new position in Amalgamated Financial during the 4th quarter worth $210,000. Institutional investors own 75.93% of the company’s stock.

Insider Activity

In related news, EVP Tyrone Graham sold 3,317 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $30.50, for a total transaction of $101,168.50. Following the completion of the transaction, the executive vice president now owns 11,449 shares in the company, valued at $349,194.50. The trade was a 22.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sean Searby sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $32.49, for a total transaction of $97,470.00. Following the completion of the sale, the executive vice president now owns 17,639 shares of the company’s stock, valued at approximately $573,091.11. This trade represents a 14.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,926 shares of company stock worth $243,070. Corporate insiders own 1.29% of the company’s stock.

Wall Street Analyst Weigh In

AMAL has been the subject of several research reports. Keefe, Bruyette & Woods lowered their target price on Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Piper Sandler lowered shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $42.00 to $38.00 in a research note on Friday, February 21st.

Amalgamated Financial Stock Performance

Shares of NASDAQ:AMAL opened at $30.34 on Thursday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $928.10 million, a price-to-earnings ratio of 8.79 and a beta of 0.86. The firm has a 50 day moving average of $28.55 and a 200 day moving average of $32.33. Amalgamated Financial Corp. has a 52 week low of $24.02 and a 52 week high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.88 EPS for the quarter, hitting the consensus estimate of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The firm had revenue of $79.69 million during the quarter, compared to analyst estimates of $74.78 million. During the same period in the previous year, the company posted $0.89 EPS. On average, sell-side analysts predict that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial declared that its Board of Directors has authorized a stock buyback program on Monday, March 10th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Amalgamated Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Tuesday, May 6th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Tuesday, May 6th. Amalgamated Financial’s payout ratio is 16.62%.

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.