Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 42,910 Shares

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 42,910 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $48.56, for a total transaction of $2,083,709.60. Following the transaction, the insider directly owned 198,782 shares in the company, valued at approximately $9,652,853.92. The trade was a 17.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

States Regional Joint Western also recently made the following trade(s):

• On Friday, September 4th, States Regional Joint Western sold 68,783 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.20, for a total transaction of $3,384,123.60.
• On Thursday, September 3rd, States Regional Joint Western sold 44,658 shares of Amalgamated Financial stock. The shares were sold at an average price of $49.43, for a total transaction of $2,207,444.94.
• On Wednesday, September 2nd, States Regional Joint Western sold 44,244 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.19, for a total transaction of $2,132,118.36.
• On Tuesday, September 1st, States Regional Joint Western sold 15,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.28, for a total transaction of $709,200.00.
• On Monday, August 31st, States Regional Joint Western sold 73,535 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.12, for a total transaction of $3,538,504.20.

Amalgamated Financial Stock Down 1.9%

Amalgamated Financial stock traded down $0.95 during mid-day trading on Tuesday, hitting $48.22. 242,943 shares of the company’s stock were exchanged, compared to its average volume of 164,061. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59. The stock has a 50 day moving average of $48.43 and a two-hundred day moving average of $43.58. 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 stock has a market cap of $1.44 billion, a P/E ratio of 12.86 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.10. The company had revenue of $96.10 million during the quarter, compared to analysts’ expectations of $92.09 million. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. As a group, analysts anticipate that Amalgamated Financial Corp. will post 4.06 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Tuesday, August 4th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, August 4th. Amalgamated Financial’s payout ratio is 18.13%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMAL. Zacks Research raised shares of Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research report on Thursday, June 25th. Piper Sandler raised their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods increased their target price on Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Weiss Ratings raised shares of Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Finally, Raymond James Financial initiated coverage on shares of Amalgamated Financial in a research report on Thursday, September 3rd. They set an “outperform” rating and a $55.00 target price for the company. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Institutional Investors Weigh In On Amalgamated Financial

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Amalgamated Financial in the 2nd quarter valued at $156,331,000. California State Teachers Retirement System grew its holdings in shares of Amalgamated Financial by 4,999.4% during the second quarter. California State Teachers Retirement System now owns 837,124 shares of the company’s stock worth $38,424,000 after purchasing an additional 820,708 shares during the last quarter. Millennium Management LLC increased its stake in shares of Amalgamated Financial by 63.7% in the third quarter. Millennium Management LLC now owns 522,598 shares of the company’s stock valued at $14,189,000 after buying an additional 203,440 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Amalgamated Financial in the second quarter valued at $7,771,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Amalgamated Financial in the second quarter valued at about $6,931,000. 75.93% of the stock is currently owned by institutional investors.

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.