Amalgamated Financial (NASDAQ:AMAL) Cut to Underweight at Piper Sandler

Piper Sandler lowered shares of Amalgamated Financial (NASDAQ:AMAL) from a neutral rating to an underweight rating in a research report released on Tuesday morning, Marketbeat reports. The brokerage currently has $27.00 target price on the stock, down from their prior target price of $34.00.

Separately, Keefe, Bruyette & Woods lowered their price target on shares of Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating on the stock in a report on Friday, April 25th.

Amalgamated Financial Trading Down 0.0%

NASDAQ:AMAL opened at $27.52 on Tuesday. The stock has a market cap of $828.63 million, a PE ratio of 8.24 and a beta of 0.89. Amalgamated Financial has a fifty-two week low of $25.03 and a fifty-two week high of $38.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.64 and a quick ratio of 0.65. The stock’s 50-day moving average is $31.00 and its two-hundred day moving average is $30.77.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.02). The company had revenue of $82.18 million for the quarter, compared to analysts’ expectations of $82.52 million. Amalgamated Financial had a net margin of 23.60% and a return on equity of 15.21%. As a group, equities research analysts forecast that Amalgamated Financial will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, August 5th. Amalgamated Financial’s payout ratio is currently 16.77%.

Institutional Investors Weigh In On Amalgamated Financial

Large investors have recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in Amalgamated Financial in the first quarter worth $26,000. Park Square Financial Group LLC bought a new position in shares of Amalgamated Financial in the fourth quarter worth about $41,000. Signaturefd LLC lifted its position in shares of Amalgamated Financial by 110.1% during the 2nd quarter. Signaturefd LLC now owns 1,523 shares of the company’s stock worth $48,000 after purchasing an additional 798 shares during the last quarter. Virtus Advisers LLC acquired a new position in shares of Amalgamated Financial during the 1st quarter worth about $51,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Amalgamated Financial during the 4th quarter valued at approximately $90,000. Institutional investors own 75.93% of the company’s stock.

About Amalgamated Financial

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.