Amalgamated Financial (NASDAQ:AMAL) Hits New 1-Year High – What’s Next?

Amalgamated Financial Corp. (NASDAQ:AMAL) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $47.17 and last traded at $46.53, with a volume of 735821 shares changing hands. The stock had previously closed at $46.95.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Piper Sandler boosted their price objective on shares of Amalgamated Financial from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday. Weiss Ratings upgraded Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Zacks Research raised Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Amalgamated Financial has a consensus rating of “Hold” and an average price target of $48.00.

Amalgamated Financial Trading Down 1.6%

The business’s 50 day simple moving average is $42.29 and its 200 day simple moving average is $39.01. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 13.46 and a beta of 0.80. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.09.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.15). Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The firm had revenue of $91.36 million for the quarter, compared to analyst estimates of $91.16 million. On average, research analysts expect that Amalgamated Financial Corp. will post 3.92 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Tuesday, May 5th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Tuesday, May 5th. Amalgamated Financial’s payout ratio is currently 19.77%.

Insiders Place Their Bets

In other news, CFO Jason Darby sold 3,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $43.30, for a total value of $129,900.00. Following the transaction, the chief financial officer directly owned 79,343 shares of the company’s stock, valued at $3,435,551.90. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maryann Bruce sold 2,089 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $41.39, for a total transaction of $86,463.71. Following the completion of the transaction, the director directly owned 19,942 shares in the company, valued at $825,399.38. The trade was a 9.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,285 shares of company stock valued at $550,124 over the last 90 days. 1.63% of the stock is owned by insiders.

Institutional Trading of Amalgamated Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Amalgamated Financial by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company’s stock worth $45,943,000 after acquiring an additional 49,037 shares during the period. Versor Investments LP bought a new position in Amalgamated Financial during the 4th quarter worth $935,000. Abacus Wealth Partners LLC bought a new position in Amalgamated Financial during the fourth quarter worth $2,100,000. American Century Companies Inc. lifted its stake in shares of Amalgamated Financial by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 589,033 shares of the company’s stock valued at $15,992,000 after purchasing an additional 36,851 shares during the period. Finally, Quent Capital LLC bought a new stake in shares of Amalgamated Financial during the 4th quarter valued at about $659,000. Institutional investors own 75.93% of the company’s stock.

About Amalgamated Financial

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.