Amalgamated Financial (NASDAQ:AMAL) Rating Increased to Hold at Zacks Research

Amalgamated Financial (NASDAQ:AMAL) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

Several other brokerages have also weighed in on AMAL. Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Piper Sandler boosted their price target on Amalgamated Financial from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Amalgamated Financial presently has a consensus rating of “Hold” and a consensus price target of $48.00.

Amalgamated Financial Stock Up 2.5%

AMAL opened at $46.95 on Thursday. The firm has a market cap of $1.40 billion, a P/E ratio of 13.65 and a beta of 0.80. The business’s fifty day simple moving average is $42.29 and its 200 day simple moving average is $38.95. Amalgamated Financial has a 52 week low of $25.13 and a 52 week high of $47.17. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.09.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, April 23rd. The company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.15). The firm had revenue of $91.36 million during the quarter, compared to analyst estimates of $91.16 million. Amalgamated Financial had a net margin of 22.33% and a return on equity of 13.89%. As a group, equities research analysts anticipate that Amalgamated Financial will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling at Amalgamated Financial

In other Amalgamated Financial news, Director Maryann Bruce sold 2,089 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $41.39, for a total transaction of $86,463.71. Following the completion of the sale, the director owned 19,942 shares in the company, valued at $825,399.38. The trade was a 9.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Leslie Veluswamy sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $43.51, for a total transaction of $108,775.00. Following the completion of the transaction, the chief accounting officer owned 14,215 shares in the company, valued at approximately $618,494.65. The trade was a 14.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 13,285 shares of company stock worth $550,124. Company insiders own 1.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Amalgamated Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock valued at $306,000 after buying an additional 468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Amalgamated Financial by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company’s stock valued at $1,872,000 after acquiring an additional 9,500 shares during the period. Jane Street Group LLC grew its position in shares of Amalgamated Financial by 373.1% during the first quarter. Jane Street Group LLC now owns 44,284 shares of the company’s stock worth $1,273,000 after acquiring an additional 34,923 shares during the last quarter. Legal & General Group Plc grew its position in shares of Amalgamated Financial by 11.6% during the second quarter. Legal & General Group Plc now owns 21,476 shares of the company’s stock worth $670,000 after acquiring an additional 2,231 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Amalgamated Financial by 27.9% in the 2nd quarter. Rhumbline Advisers now owns 35,442 shares of the company’s stock worth $1,106,000 after acquiring an additional 7,741 shares during the period. 75.93% of the stock is currently owned by institutional investors.

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.