Amalgamated Financial (NASDAQ:AMAL) Major Shareholder United Workers Sells 228,284 Shares of Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder United Workers 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 transaction of $10,921,106.56. Following the sale, the insider directly owned 373,022 shares in the company, valued at approximately $17,845,372.48. The trade was a 37.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% 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 Friday, September 11th, United Workers sold 234,128 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.88, for a total transaction of $11,210,048.64.
• On Wednesday, September 9th, United Workers sold 79,649 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.91, for a total transaction of $3,815,983.59.
• On Tuesday, September 8th, United Workers 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, United Workers 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, United Workers sold 44,658 shares of Amalgamated Financial stock. The shares were sold at an average price of $49.43, for a total value of $2,207,444.94.
• 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.
• On Monday, August 31st, United Workers sold 73,535 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.12, for a total value of $3,538,504.20.

Amalgamated Financial Price Performance

Shares of NASDAQ AMAL opened at $46.99 on Wednesday. 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 company has a market cap of $1.41 billion, a price-to-earnings ratio of 12.53 and a beta of 0.79. The stock’s 50-day moving average is $48.63 and its two-hundred day moving average is $43.92. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59.

Amalgamated Financial (NASDAQ:AMAL) last announced 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. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%.The business had revenue of $96.10 million during the quarter, compared to analysts’ expectations of $92.09 million. Analysts forecast that Amalgamated Financial Corp. will post 4.06 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AMAL shares. Zacks Research raised shares of Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research report on Thursday, June 25th. Raymond James Financial started coverage on Amalgamated Financial in a report on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 target price on the stock. Keefe, Bruyette & Woods raised their price target on Amalgamated Financial from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Finally, Piper Sandler upped their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Three investment 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Key Amalgamated Financial News

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

• Positive Sentiment: Amalgamated Financial’s most recent reported quarterly results were solid, with earnings and revenue exceeding analyst expectations. However, no new earnings or business update was included in the latest news.
• Neutral Sentiment: The SEC filings appear to report matching sales by United Workers and States Regional Joint Western, which may represent related or duplicate beneficial-ownership disclosures. Investors should review the filings to determine the entities’ combined economic exposure. SEC ownership filing
• Negative Sentiment: Major shareholder United Workers disclosed sales of 228,284 Amalgamated Financial shares on September 14 at an average price of $47.84, worth approximately $10.9 million. The sale reduced its reported position by 37.96%, leaving 373,022 shares. United Workers SEC filing
• Negative Sentiment: The same major shareholder also reported selling 234,128 shares on September 11 at an average price of $47.88, generating roughly $11.2 million and cutting its position by 36.95%. CFO and insider sales report
• Negative Sentiment: Separate coverage also reported that Amalgamated Financial’s CFO sold nearly 20,000 shares for more than $960,000. Multiple insider transactions can weigh on sentiment because they increase perceived near-term supply and may signal that insiders view the recent valuation as an opportunity to realize gains. Amalgamated Financial insider selling report

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AMAL. Integrated Wealth Concepts LLC acquired a new position in Amalgamated Financial during the second quarter worth about $30,000. First Trust Advisors LP lifted its position in shares of Amalgamated Financial by 3.2% during the 1st quarter. First Trust Advisors LP now owns 22,293 shares of the company’s stock valued at $867,000 after acquiring an additional 685 shares during the period. Royal Bank of Canada boosted its stake in shares of Amalgamated Financial by 143.8% during the 1st quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock worth $57,000 after acquiring an additional 876 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Amalgamated Financial by 42.6% during the 1st quarter. Parallel Advisors LLC now owns 3,216 shares of the company’s stock worth $125,000 after acquiring an additional 961 shares in the last quarter. Finally, Compass Financial Management LLC acquired a new stake in shares of Amalgamated Financial in the 2nd quarter worth approximately $59,000. 75.93% of the stock is owned by hedge funds and other institutional investors.

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.