Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $10,921,106.56 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 228,284 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $47.84, for a total value of $10,921,106.56. Following the completion of the sale, the insider owned 373,022 shares in the company, valued at approximately $17,845,372.48. This represents a 37.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 Friday, September 11th, States Regional Joint Western sold 234,128 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.88, for a total value of $11,210,048.64.
• On Wednesday, September 9th, States Regional Joint Western sold 79,649 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.91, for a total value of $3,815,983.59.
• On Tuesday, September 8th, States Regional Joint Western sold 42,910 shares of Amalgamated Financial stock. The shares were 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 stock was sold at an average price of $48.19, for a total value 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 value of $709,200.00.
• On Monday, August 31st, States Regional Joint Western sold 73,535 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.12, for a total value of $3,538,504.20.

Amalgamated Financial Price Performance

Amalgamated Financial stock traded down $0.79 during mid-day trading on Tuesday, hitting $46.99. 235,460 shares of the company were exchanged, compared to its average volume of 168,863. 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 business’s 50 day simple moving average is $48.60 and its two-hundred day simple moving average is $43.87. The company has a market capitalization of $1.41 billion, a P/E ratio of 12.53 and a beta of 0.79. Amalgamated Financial Corp. has a 12-month low of $25.13 and a 12-month high of $51.59.

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

Amalgamated Financial Dividend Announcement

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Amalgamated Financial

Institutional investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new position in shares of Amalgamated Financial in the 2nd quarter worth about $30,000. Arizona State Retirement System purchased a new stake in shares of Amalgamated Financial during the 2nd quarter worth about $227,000. Amundi acquired a new stake in Amalgamated Financial during the 2nd quarter worth approximately $228,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Amalgamated Financial during the 2nd quarter worth approximately $421,000. Finally, Compass Financial Management LLC purchased a new position in Amalgamated Financial in the second quarter valued at approximately $59,000. Hedge funds and other institutional investors own 75.93% of the company’s stock.

Amalgamated Financial Company Profile

Amalgamated Financial Corporation is the holding company for Amalgamated Bank, a full-service commercial bank founded in 1923 by the Amalgamated Clothing Workers of America. The bank provides banking and financial services to consumers, businesses, nonprofit organizations, labor unions, political organizations and other mission-driven institutions.

Its products and services include commercial and consumer deposit accounts, lending, cash management, payment processing, online and mobile banking, investment management and related treasury services.