Amalgamated Financial (NASDAQ:AMAL) Major Shareholder United Workers Sells 73,535 Shares of Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder United Workers sold 73,535 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $48.12, for a total value of $3,538,504.20. Following the transaction, the insider directly owned 7,047,971 shares in the company, valued at approximately $339,148,364.52. This trade represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

United Workers also recently made the following trade(s):

• On Wednesday, September 2nd, United Workers sold 44,244 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.19, for a total value of $2,132,118.36.
• On Tuesday, September 1st, United Workers sold 15,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.28, for a total value of $709,200.00.

Amalgamated Financial Stock Up 1.7%

Shares of NASDAQ:AMAL traded up $0.80 during trading on Wednesday, reaching $48.14. 193,113 shares of the stock were exchanged, compared to its average volume of 151,402. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59. The stock has a fifty day moving average of $48.27 and a two-hundred day moving average of $43.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 12.84 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 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. The business had revenue of $96.10 million during the quarter, compared to analyst estimates of $92.09 million. Research analysts anticipate that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, August 4th. Amalgamated Financial’s dividend payout ratio is currently 18.13%.

Hedge Funds Weigh In On Amalgamated Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Amalgamated Financial in the second quarter worth about $156,331,000. Vanguard Group Inc. boosted its holdings in Amalgamated Financial by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company’s stock worth $45,943,000 after buying an additional 49,037 shares during the period. Dimensional Fund Advisors LP grew its stake in Amalgamated Financial by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,407,173 shares of the company’s stock valued at $38,205,000 after buying an additional 54,885 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Amalgamated Financial by 14.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company’s stock valued at $30,552,000 after acquiring an additional 120,483 shares during the period. Finally, California State Teachers Retirement System lifted its position 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 acquiring an additional 820,708 shares in the last quarter. Institutional investors own 75.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler lifted their price target on Amalgamated Financial from $48.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods lifted their price target on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Weiss Ratings upgraded Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. Finally, Zacks Research raised Amalgamated Financial from a “strong sell” rating to a “hold” rating in a report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.50.

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.