Amalgamated Financial (NASDAQ:AMAL) Major Shareholder States Regional Joint Western Sells 79,649 Shares of Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 79,649 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $47.91, for a total value of $3,815,983.59. Following the completion of the sale, the insider directly owned 119,133 shares of the company’s stock, valued at approximately $5,707,662.03. This trade represents a 40.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, September 8th, States Regional Joint Western sold 42,910 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.56, for a total transaction of $2,083,709.60.
• 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 shares were 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 Trading Down 1.3%

Shares of AMAL opened at $47.87 on Friday. 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 firm’s 50-day moving average is $48.58 and its two-hundred day moving average is $43.77. Amalgamated Financial Corp. has a twelve month low of $25.13 and a twelve month high of $51.59. The firm has a market capitalization of $1.43 billion, a P/E ratio of 12.77 and a beta of 0.79.

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

Amalgamated Financial Dividend Announcement

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

Analysts Set New Price Targets

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

Trending Headlines about Amalgamated Financial

Here are the key news stories impacting Amalgamated Financial this week:

• Positive Sentiment: Amalgamated Financial’s latest reported quarter showed solid operating momentum: earnings per share came in at $1.10 versus the $1.00 consensus estimate, while revenue of $96.1 million exceeded expectations of $92.09 million.
• Positive Sentiment: Analyst sentiment remains constructive. The consensus rating is “Moderate Buy” with a $54 price target; Raymond James initiated coverage with an “outperform” rating and a $55 target, while Keefe, Bruyette & Woods raised its target to $54.
• Positive Sentiment: The company maintains a quarterly dividend of $0.17, or $0.68 annualized, representing a yield of approximately 1.4% and a payout ratio of about 18%.
• Neutral Sentiment: Reported short interest was zero shares, producing a zero-day short-interest ratio. The unchanged reading provides little useful information about current trading pressure.
• Negative Sentiment: Major shareholders United Workers and States Regional Joint Western each reported selling 79,649 AMAL shares at an average price of approximately $47.91, reducing their reported positions by about 40%. The combined sales represent roughly $7.6 million of potential supply. SEC major-shareholder filing
• Negative Sentiment: EVP Sam Brown sold 30,000 shares for approximately $1.45 million on September 8 and another 735 shares for about $35,000 on September 9. These transactions reduced his direct holdings substantially, although both were executed under a pre-arranged Rule 10b5-1 plan. SEC insider-sale filing

Hedge Funds Weigh In On Amalgamated Financial

Several hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC boosted its stake in shares of Amalgamated Financial by 11.0% during the fourth quarter. Quadrant Capital Group LLC now owns 3,136 shares of the company’s stock valued at $100,000 after acquiring an additional 312 shares during the last quarter. Intech Investment Management LLC increased its position in Amalgamated Financial by 3.4% during the 3rd quarter. Intech Investment Management LLC now owns 11,628 shares of the company’s stock worth $316,000 after purchasing an additional 383 shares in the last quarter. Osaic Holdings Inc. raised its stake in Amalgamated Financial by 56.7% in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Amalgamated Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock valued at $306,000 after purchasing an additional 468 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Amalgamated Financial in the 2nd quarter valued at about $30,000. Hedge funds and other 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.