Amalgamated Financial (NASDAQ:AMAL) Hits New 12-Month High – Here’s Why

Amalgamated Financial Corp. (NASDAQ:AMAL) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.12 and last traded at $44.0810, with a volume of 11796 shares. The stock had previously closed at $42.70.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings upgraded Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Zacks Research downgraded Amalgamated Financial from a “hold” rating to a “strong sell” rating in a research report on Friday, May 1st. Finally, Piper Sandler raised their price objective on Amalgamated Financial from $41.00 to $44.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Amalgamated Financial currently has an average rating of “Hold” and a consensus target price of $44.00.

Amalgamated Financial Stock Performance

The company has a 50-day simple moving average of $41.13 and a two-hundred day simple moving average of $37.55. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.09. The firm has a market cap of $1.30 billion, a PE ratio of 12.67 and a beta of 0.80.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.15). Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The business had revenue of $91.36 million during the quarter, compared to analysts’ expectations of $91.16 million. As a group, equities research analysts forecast that Amalgamated Financial Corp. will post 3.92 earnings per share for the current year.

Amalgamated Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Tuesday, May 5th were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.68 annualized dividend and a yield of 1.6%. Amalgamated Financial’s payout ratio is currently 19.77%.

Insiders Place Their Bets

In other Amalgamated Financial news, EVP Sean Searby sold 4,948 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $39.42, for a total value of $195,050.16. Following the transaction, the executive vice president owned 23,055 shares of the company’s stock, valued at approximately $908,828.10. The trade was a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.63% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. raised its stake in shares of Amalgamated Financial by 56.7% in the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock valued at $34,000 after buying an additional 391 shares during the period. Arax Advisory Partners raised its stake in shares of Amalgamated Financial by 187.1% in the fourth quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock valued at $41,000 after buying an additional 827 shares during the period. Royal Bank of Canada raised its stake in shares of Amalgamated Financial by 143.8% in 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 period. CWM LLC raised its stake in shares of Amalgamated Financial by 41.2% in the fourth quarter. CWM LLC now owns 1,880 shares of the company’s stock valued at $60,000 after buying an additional 549 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Amalgamated Financial by 140.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,014 shares of the company’s stock valued at $63,000 after buying an additional 1,177 shares during the period. Hedge funds and other institutional investors own 75.93% of the company’s stock.

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.