SummerHaven Investment Management LLC Purchases 411 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

SummerHaven Investment Management LLC boosted its position in Amalgamated Financial Corp. (NASDAQ:AMAL) by 1.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 28,696 shares of the company’s stock after purchasing an additional 411 shares during the period. SummerHaven Investment Management LLC owned about 0.09% of Amalgamated Financial worth $825,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Amalgamated Financial by 3.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,186 shares of the company’s stock worth $341,000 after buying an additional 372 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Amalgamated Financial by 4.0% during the fourth quarter. Sterling Capital Management LLC now owns 13,175 shares of the company’s stock worth $441,000 after acquiring an additional 512 shares during the period. US Bancorp DE boosted its position in Amalgamated Financial by 28.1% in the fourth 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 last quarter. Corton Capital Inc. raised its stake in shares of Amalgamated Financial by 12.3% during the 4th quarter. Corton Capital Inc. now owns 7,596 shares of the company’s stock worth $254,000 after purchasing an additional 831 shares during the period. Finally, Aquatic Capital Management LLC boosted its stake in Amalgamated Financial by 8.5% in the fourth quarter. Aquatic Capital Management LLC now owns 11,282 shares of the company’s stock valued at $378,000 after acquiring an additional 882 shares during the last quarter. 75.93% of the stock is owned by institutional investors.

Amalgamated Financial Trading Down 0.9%

NASDAQ:AMAL opened at $31.00 on Thursday. Amalgamated Financial Corp. has a 1 year low of $24.19 and a 1 year high of $38.19. The stock’s fifty day moving average price is $28.95 and its two-hundred day moving average price is $31.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market cap of $948.29 million, a P/E ratio of 8.99 and a beta of 0.86.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The company had revenue of $79.69 million for the quarter, compared to analyst estimates of $74.78 million. During the same period in the previous year, the company posted $0.89 EPS. As a group, analysts expect that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Tuesday, May 6th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Tuesday, May 6th. Amalgamated Financial’s dividend payout ratio is presently 16.62%.

Amalgamated Financial declared that its Board of Directors has approved a stock repurchase plan on Monday, March 10th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AMAL shares. Keefe, Bruyette & Woods cut their price target on Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Piper Sandler downgraded shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $42.00 to $38.00 in a research note on Friday, February 21st.

Amalgamated Financial Profile

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.