Algert Global LLC Lowers Stock Holdings in Amalgamated Financial Corp. (NASDAQ:AMAL)

Algert Global LLC decreased its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 83.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,992 shares of the company's stock after selling 41,054 shares during the quarter. Algert Global LLC's holdings in Amalgamated Financial were worth $267,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC acquired a new stake in Amalgamated Financial in the fourth quarter worth about $224,000. AQR Capital Management LLC increased its holdings in shares of Amalgamated Financial by 58.6% during the fourth quarter. AQR Capital Management LLC now owns 147,949 shares of the company's stock valued at $4,952,000 after acquiring an additional 54,692 shares in the last quarter. Northern Trust Corp raised its position in shares of Amalgamated Financial by 0.8% in the 4th quarter. Northern Trust Corp now owns 217,443 shares of the company's stock valued at $7,278,000 after purchasing an additional 1,776 shares during the last quarter. Aquatic Capital Management LLC boosted its stake in Amalgamated Financial by 8.5% in the 4th quarter. Aquatic Capital Management LLC now owns 11,282 shares of the company's stock worth $378,000 after purchasing an additional 882 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Amalgamated Financial in the 4th quarter worth approximately $379,000. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Amalgamated Financial Stock Performance

NASDAQ:AMAL traded down $0.30 during midday trading on Friday, hitting $30.62. The company's stock had a trading volume of 145,949 shares, compared to its average volume of 187,609. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. Amalgamated Financial Corp. has a fifty-two week low of $24.02 and a fifty-two week high of $38.19. The firm's 50 day moving average is $28.42 and its 200-day moving average is $32.40. The firm has a market cap of $936.67 million, a P/E ratio of 8.88 and a beta of 0.86.

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 firm had revenue of $79.69 million during the quarter, compared to analysts' expectations of $74.78 million. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. During the same quarter last year, the company posted $0.89 earnings per share. Equities analysts anticipate that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial declared that its Board of Directors has authorized a share repurchase program on Monday, March 10th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Amalgamated Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Tuesday, May 6th will be paid a dividend of $0.14 per share. The ex-dividend date is Tuesday, May 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.83%. Amalgamated Financial's payout ratio is currently 16.62%.

Insider Activity

In related news, EVP Tyrone Graham sold 3,317 shares of Amalgamated Financial stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $30.50, for a total transaction of $101,168.50. Following the completion of the transaction, the executive vice president now directly owns 11,449 shares in the company, valued at approximately $349,194.50. This trade represents a 22.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sean Searby sold 3,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $32.49, for a total value of $97,470.00. Following the completion of the sale, the executive vice president now owns 17,639 shares in the company, valued at approximately $573,091.11. This represents a 14.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,926 shares of company stock valued at $243,070 in the last quarter. 1.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

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.