Amalgamated Financial (NASDAQ:AMAL) Hits New 52-Week High – Here’s What Happened

Amalgamated Financial Corp. (NASDAQ:AMAL)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $40.08 and last traded at $39.88, with a volume of 19511 shares traded. The stock had previously closed at $38.84.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Amalgamated Financial in a research note on Monday, December 29th. Piper Sandler upgraded shares of Amalgamated Financial from an “underweight” rating to a “neutral” rating and upped their target price for the company from $27.00 to $28.00 in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $33.50.

Amalgamated Financial Stock Performance

The company has a 50 day moving average price of $33.63 and a 200-day moving average price of $30.16. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.21 billion, a P/E ratio of 11.88 and a beta of 0.84.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, January 22nd. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08. Amalgamated Financial had a net margin of 23.05% and a return on equity of 14.80%. The firm had revenue of $87.91 million during the quarter, compared to analyst estimates of $85.37 million. Equities analysts expect that Amalgamated Financial Corp. will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Tuesday, February 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, February 3rd. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.14. This represents a $0.68 annualized dividend and a yield of 1.7%. Amalgamated Financial’s dividend payout ratio is presently 16.42%.

Insider Buying and Selling

In other Amalgamated Financial news, EVP Sam D. Brown sold 5,151 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $35.50, for a total value of $182,860.50. Following the completion of the sale, the executive vice president directly owned 53,232 shares in the company, valued at $1,889,736. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Amalgamated Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Amalgamated Financial by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company’s stock valued at $45,943,000 after purchasing an additional 49,037 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Amalgamated Financial by 4.1% during the third 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. Geode Capital Management LLC boosted its holdings in shares of Amalgamated Financial by 20.2% in the second quarter. Geode Capital Management LLC now owns 608,506 shares of the company’s stock worth $18,988,000 after buying an additional 102,166 shares during the period. American Century Companies Inc. increased its position in shares of Amalgamated Financial by 6.7% in the third quarter. American Century Companies Inc. now owns 589,033 shares of the company’s stock worth $15,992,000 after acquiring an additional 36,851 shares in the last quarter. Finally, Boston Trust Walden Corp acquired a new stake in shares of Amalgamated Financial during the second quarter valued at approximately $16,974,000. 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.