Insider Selling: Amalgamated Financial (NASDAQ:AMAL) EVP Sells $34,993.35 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) EVP Sam Brown sold 735 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $47.61, for a total value of $34,993.35. Following the completion of the sale, the executive vice president directly owned 25,874 shares of the company’s stock, valued at $1,231,861.14. The trade was a 2.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Amalgamated Financial Stock Performance

NASDAQ:AMAL opened at $47.87 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.08. The firm’s fifty day simple moving average is $48.58 and its 200 day simple moving average is $43.77. The stock has a market cap of $1.43 billion, a P/E ratio of 12.77 and a beta of 0.79. Amalgamated Financial Corp. has a twelve month low of $25.13 and a twelve month high of $51.59.

Amalgamated Financial (NASDAQ:AMAL) last posted its earnings results on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. The firm had revenue of $96.10 million during the quarter, compared to analysts’ expectations of $92.09 million. As a group, research analysts predict that Amalgamated Financial Corp. will post 4.06 EPS for the current year.

Amalgamated Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Tuesday, August 4th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, August 4th. Amalgamated Financial’s dividend payout ratio (DPR) is presently 18.13%.

Analyst Upgrades and Downgrades

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

Trending Headlines about Amalgamated Financial

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

• Positive Sentiment: Amalgamated Financial’s latest reported quarter showed solid operating momentum: earnings per share came in at $1.10 versus the $1.00 consensus estimate, while revenue of $96.1 million exceeded expectations of $92.09 million.
• Positive Sentiment: Analyst sentiment remains constructive. The consensus rating is “Moderate Buy” with a $54 price target; Raymond James initiated coverage with an “outperform” rating and a $55 target, while Keefe, Bruyette & Woods raised its target to $54.
• Positive Sentiment: The company maintains a quarterly dividend of $0.17, or $0.68 annualized, representing a yield of approximately 1.4% and a payout ratio of about 18%.
• Neutral Sentiment: Reported short interest was zero shares, producing a zero-day short-interest ratio. The unchanged reading provides little useful information about current trading pressure.
• Negative Sentiment: Major shareholders United Workers and States Regional Joint Western each reported selling 79,649 AMAL shares at an average price of approximately $47.91, reducing their reported positions by about 40%. The combined sales represent roughly $7.6 million of potential supply. SEC major-shareholder filing
• Negative Sentiment: EVP Sam Brown sold 30,000 shares for approximately $1.45 million on September 8 and another 735 shares for about $35,000 on September 9. These transactions reduced his direct holdings substantially, although both were executed under a pre-arranged Rule 10b5-1 plan. SEC insider-sale filing

Institutional Trading of Amalgamated Financial

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

About Amalgamated Financial

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.