Amalgamated Financial (NASDAQ:AMAL) Sets New 12-Month High – Here’s What Happened

Shares of Amalgamated Financial Corp. (NASDAQ:AMAL) hit a new 52-week high during trading on Thursday . The company traded as high as $48.01 and last traded at $47.9560, with a volume of 23610 shares. The stock had previously closed at $46.92.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. 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 lifted their target price on shares of Amalgamated Financial from $44.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $48.00.

Amalgamated Financial Stock Performance

The company has a market capitalization of $1.44 billion, a PE ratio of 14.02 and a beta of 0.79. The business’s 50-day moving average is $43.47 and its 200-day moving average is $40.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.64 and a current ratio of 0.64.

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

Amalgamated Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Tuesday, May 5th were paid a $0.17 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. Amalgamated Financial’s dividend payout ratio is presently 19.77%.

Insider Activity at Amalgamated Financial

In other news, CAO Leslie Veluswamy sold 2,500 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $43.51, for a total value of $108,775.00. Following the sale, the chief accounting officer directly owned 14,215 shares of the company’s stock, valued at approximately $618,494.65. This represents a 14.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jason Darby sold 3,000 shares of the firm’s stock in a transaction on 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 owned 79,343 shares of the company’s stock, valued at $3,435,551.90. The trade was a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 7,589 shares of company stock valued at $325,139 in the last 90 days. Corporate insiders own 1.63% of the company’s stock.

Hedge Funds Weigh In On Amalgamated Financial

A number of hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. grew its position in Amalgamated Financial by 56.7% during the 2nd quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock valued at $34,000 after purchasing an additional 391 shares during the last quarter. Arax Advisory Partners raised its holdings in Amalgamated Financial by 187.1% in the fourth quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock worth $41,000 after buying an additional 827 shares during the last quarter. Royal Bank of Canada raised its holdings in Amalgamated Financial by 143.8% in the first quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock worth $57,000 after buying an additional 876 shares during the last quarter. CWM LLC lifted its stake in shares of Amalgamated Financial by 41.2% in the fourth quarter. CWM LLC now owns 1,880 shares of the company’s stock worth $60,000 after buying an additional 549 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Amalgamated Financial by 140.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,014 shares of the company’s stock valued at $63,000 after buying an additional 1,177 shares during the last quarter. Institutional investors own 75.93% of the company’s stock.

Amalgamated Financial Company Profile

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.