Insider Selling: Amalgamated Financial (NASDAQ:AMAL) CFO Sells $961,759.50 in Stock

Amalgamated Financial Corp. (NASDAQ:AMAL) CFO Jason Darby sold 19,995 shares of Amalgamated Financial stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $48.10, for a total transaction of $961,759.50. Following the completion of the sale, the chief financial officer owned 53,851 shares of the company’s stock, valued at $2,590,233.10. This trade represents a 27.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jason Darby also recently made the following trade(s):

• On Wednesday, September 2nd, Jason Darby sold 1 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.20, for a total transaction of $48.20.

Amalgamated Financial Stock Down 1.3%

Shares of AMAL traded down $0.65 during mid-day trading on Friday, hitting $47.87. 493,525 shares of the company’s stock were exchanged, compared to its average volume of 166,745. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 12.77 and a beta of 0.79. The firm has a fifty day moving average of $48.54 and a two-hundred day moving average of $43.74. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.08. Amalgamated Financial Corp. has a twelve month low of $25.13 and a twelve month high of $51.59.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.10. The business had revenue of $96.10 million during the quarter, compared to analyst estimates of $92.09 million. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. On average, sell-side analysts forecast that Amalgamated Financial Corp. will post 4.06 earnings per share for the current year.

Amalgamated Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Tuesday, August 4th were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. Amalgamated Financial’s payout ratio is currently 18.13%.

Amalgamated Financial News Summary

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

Wall Street Analysts Forecast Growth

AMAL has been the topic of a number of analyst reports. Piper Sandler increased their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Raymond James Financial assumed coverage on Amalgamated Financial in a report on Thursday, September 3rd. They issued an “outperform” rating and a $55.00 target price for the company. Keefe, Bruyette & Woods upped their target price on Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Weiss Ratings upgraded Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. 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 investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Institutional Trading of Amalgamated Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Amalgamated Financial during the second quarter valued at about $156,331,000. California State Teachers Retirement System grew its position in Amalgamated Financial by 4,999.4% during the second quarter. California State Teachers Retirement System now owns 837,124 shares of the company’s stock worth $38,424,000 after buying an additional 820,708 shares in the last quarter. Millennium Management LLC grew its position in Amalgamated Financial by 63.7% during the third quarter. Millennium Management LLC now owns 522,598 shares of the company’s stock worth $14,189,000 after buying an additional 203,440 shares in the last quarter. Bank of America Corp DE bought a new position in Amalgamated Financial during the second quarter valued at about $7,771,000. Finally, Bank of New York Mellon Corp bought a new position in Amalgamated Financial during the second quarter valued at about $6,931,000. 75.93% of the stock is currently owned by institutional investors and hedge funds.

Amalgamated Financial Company Profile

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.