Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 228,284 Shares

Amalgamated Financial Corp. (NASDAQ:AMAL) major shareholder States Regional Joint Western sold 228,284 shares of Amalgamated Financial stock in a transaction on Monday, September 14th. The shares were sold at an average price of $47.84, for a total transaction of $10,921,106.56. Following the transaction, the insider owned 373,022 shares in the company, valued at $17,845,372.48. The trade was a 37.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

States Regional Joint Western also recently made the following trade(s):

• On Friday, September 11th, States Regional Joint Western 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, States Regional Joint Western sold 79,649 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.91, for a total value of $3,815,983.59.
• On Tuesday, September 8th, States Regional Joint Western sold 42,910 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.56, for a total value of $2,083,709.60.
• On Friday, September 4th, States Regional Joint Western sold 68,783 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.20, for a total value of $3,384,123.60.
• On Thursday, September 3rd, States Regional Joint Western 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, States Regional Joint Western 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, States Regional Joint Western sold 15,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.28, for a total value of $709,200.00.
• On Monday, August 31st, States Regional Joint Western 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 Stock Down 1.7%

NASDAQ:AMAL traded down $0.79 during trading hours on Tuesday, hitting $46.99. The stock had a trading volume of 235,460 shares, compared to its average volume of 168,863. The company has a market cap of $1.41 billion, a PE ratio of 12.53 and a beta of 0.79. The business has a 50 day simple moving average of $48.60 and a two-hundred day simple moving average of $43.87. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.08.

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

Amalgamated Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Tuesday, August 4th were issued 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%.

Institutional Investors Weigh In On Amalgamated Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in Amalgamated Financial during the second quarter worth $30,000. Royal Bank of Canada increased its stake in 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 purchasing an additional 876 shares during the last quarter. Compass Financial Management LLC acquired a new stake in shares of Amalgamated Financial during the second quarter worth $59,000. Parallel Advisors LLC boosted its holdings in shares of Amalgamated Financial by 42.6% in the 1st quarter. Parallel Advisors LLC now owns 3,216 shares of the company’s stock valued at $125,000 after buying an additional 961 shares during the period. Finally, Arizona State Retirement System acquired a new position in shares of Amalgamated Financial in the 2nd quarter valued at about $227,000. 75.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.