Adage Capital Partners GP L.L.C. Cuts Stock Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Adage Capital Partners GP L.L.C. lessened its position in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 23.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 548,065 shares of the company's stock after selling 168,197 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 1.79% of Amalgamated Financial worth $18,344,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Neumeier Poma Investment Counsel LLC bought a new stake in Amalgamated Financial during the 4th quarter worth approximately $13,093,000. Congress Asset Management Co. bought a new stake in Amalgamated Financial during the fourth quarter worth $5,339,000. JPMorgan Chase & Co. raised its position in Amalgamated Financial by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company's stock valued at $17,806,000 after buying an additional 89,444 shares during the last quarter. Figure 8 Investment Strategies LLC bought a new position in Amalgamated Financial during the 4th quarter valued at $2,778,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Amalgamated Financial by 49.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,531 shares of the company's stock worth $8,118,000 after acquiring an additional 80,484 shares during the last quarter. Institutional investors own 75.93% of the company's stock.

Insider Buying and Selling

In other news, major shareholder States Regional Joint Western sold 1,327 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $34.29, for a total value of $45,502.83. Following the transaction, the insider now owns 7,121,506 shares in the company, valued at approximately $244,196,440.74. This trade represents a 0.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Tyrone Graham sold 869 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $29.73, for a total transaction of $25,835.37. Following the sale, the executive vice president now directly owns 10,580 shares of the company's stock, valued at $314,543.40. The trade was a 7.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,253 shares of company stock worth $905,433 in the last 90 days. 1.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AMAL shares. Keefe, Bruyette & Woods dropped their price target on shares of Amalgamated Financial from $41.00 to $39.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Piper Sandler downgraded shares of Amalgamated Financial from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Amalgamated Financial Price Performance

AMAL stock traded down $0.60 during mid-day trading on Wednesday, reaching $28.16. 185,260 shares of the company traded hands, compared to its average volume of 185,991. Amalgamated Financial Corp. has a 52-week low of $24.02 and a 52-week high of $38.19. The company has a market capitalization of $864.15 million, a P/E ratio of 8.16 and a beta of 0.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The company has a fifty day moving average price of $28.70 and a 200-day moving average price of $32.74.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. The business had revenue of $79.69 million during the quarter, compared to analyst estimates of $74.78 million. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. During the same quarter in the prior year, the firm earned $0.89 earnings per share. As a group, analysts anticipate that Amalgamated Financial Corp. will post 3.65 earnings per share for the current year.

Amalgamated Financial declared that its Board of Directors has approved a share repurchase plan on Monday, March 10th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Amalgamated Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Tuesday, May 6th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Tuesday, May 6th. Amalgamated Financial's dividend payout ratio is currently 16.62%.

Amalgamated Financial Profile

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.