Amalgamated Financial (NASDAQ:AMAL) Sets New 1-Year High – Here’s Why

Shares of Amalgamated Financial Corp. (NASDAQ:AMAL) hit a new 52-week high during trading on Monday . The stock traded as high as $45.20 and last traded at $44.86, with a volume of 149363 shares. The stock had previously closed at $44.65.

Wall Street Analysts Forecast Growth

AMAL has been the subject of several research analyst reports. Weiss Ratings raised shares of Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Piper Sandler upped their price target on shares of Amalgamated Financial from $41.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Zacks Research lowered shares of Amalgamated Financial from a “hold” rating to a “strong sell” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $44.00.

Amalgamated Financial Stock Down 0.4%

The firm’s 50-day moving average price is $41.57 and its 200 day moving average price is $37.99. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 12.93 and a beta of 0.80. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.09.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.15). The company had revenue of $91.36 million for the quarter, compared to analyst estimates of $91.16 million. Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%. On average, sell-side analysts forecast that Amalgamated Financial Corp. will post 3.92 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Tuesday, May 5th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, May 5th. Amalgamated Financial’s dividend payout ratio is 19.77%.

Insider Buying and Selling at Amalgamated Financial

In other news, CAO Leslie Veluswamy sold 2,500 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $43.51, for a total transaction of $108,775.00. Following the completion of the sale, the chief accounting officer directly owned 14,215 shares in the company, valued at $618,494.65. This represents a 14.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Sean Searby sold 4,948 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $39.42, for a total transaction of $195,050.16. Following the sale, the executive vice president owned 23,055 shares of the company’s stock, valued at approximately $908,828.10. This trade represents a 17.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 10,285 shares of company stock worth $420,224. 1.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amalgamated Financial

A number of large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in shares of Amalgamated Financial by 9.7% during the first quarter. Bank of America Corp DE now owns 164,680 shares of the company’s stock valued at $6,401,000 after buying an additional 14,621 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Amalgamated Financial by 143.8% during the first quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock valued at $57,000 after buying an additional 876 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Amalgamated Financial by 6.1% during the first quarter. Empowered Funds LLC now owns 134,342 shares of the company’s stock valued at $5,222,000 after buying an additional 7,698 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Amalgamated Financial by 51.7% during the first quarter. The Manufacturers Life Insurance Company now owns 10,549 shares of the company’s stock valued at $410,000 after buying an additional 3,597 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of Amalgamated Financial during the first quarter valued at about $380,000. 75.93% of the stock is currently owned by institutional investors and hedge funds.

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.