Amalgamated Financial (NASDAQ:AMAL) Reaches New 1-Year High - Should You Buy?

Key Points

• Amalgamated Financial shares hit a new 52-week high, trading as high as $48.01 and ending near $47.96. The move came as the stock rose about 2.8% and pushed above both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leaning cautious: the stock now has a consensus rating of “Hold” with an average price target of $48.00. Recent updates included Piper Sandler raising its target to $48 while keeping a neutral rating.
• The company posted mixed fundamentals in its latest earnings report, with EPS missing expectations at $0.80 versus $0.95 expected, though revenue came in roughly in line. It also pays a quarterly dividend of $0.17, equating to a 1.4% yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $48.01 and last traded at $47.9560, with a volume of 23610 shares changing hands. The stock had previously closed at $46.92.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMAL. Weiss Ratings upgraded shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Piper Sandler raised their price target on Amalgamated Financial from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Finally, Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $48.00.

Amalgamated Financial Stock Up 2.8%

The stock has a 50 day moving average price of $43.47 and a 200-day moving average price of $40.26. The stock has a market capitalization of $1.44 billion, a P/E ratio of 14.02 and a beta of 0.79. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.64 and a quick ratio of 0.64.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.80 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.15). The company had revenue of $91.36 million during the quarter, compared to the consensus estimate of $91.16 million. Amalgamated Financial had a net margin of 22.33% and a return on equity of 13.89%. As a group, research analysts expect that Amalgamated Financial Corp. will post 3.92 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The business 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 was Tuesday, May 5th. This represents a $0.68 annualized dividend and a yield of 1.4%. Amalgamated Financial's payout ratio is presently 19.77%.

Insider Activity

In other news, CFO Jason Darby sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $43.30, for a total value of $129,900.00. Following the transaction, the chief financial officer owned 79,343 shares in the company, valued at approximately $3,435,551.90. This trade represents a 3.64% 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, Director Maryann Bruce sold 2,089 shares of Amalgamated Financial stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $41.39, for a total transaction of $86,463.71. Following the completion of the transaction, the director directly owned 19,942 shares in the company, valued at approximately $825,399.38. The trade was a 9.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 7,589 shares of company stock valued at $325,139. 1.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Amalgamated Financial

Several hedge funds and other institutional investors have recently modified their holdings of AMAL. Osaic Holdings Inc. grew 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 worth $34,000 after purchasing an additional 391 shares during the last quarter. Arax Advisory Partners raised its position in Amalgamated Financial by 187.1% during the 4th quarter. Arax Advisory Partners now owns 1,269 shares of the company's stock valued at $41,000 after purchasing an additional 827 shares during the last quarter. Royal Bank of Canada lifted its holdings in Amalgamated Financial by 143.8% in the 1st quarter. Royal Bank of Canada now owns 1,485 shares of the company's stock worth $57,000 after buying an additional 876 shares during the period. CWM LLC grew its position in shares of Amalgamated Financial by 41.2% in the 4th quarter. CWM LLC now owns 1,880 shares of the company's stock worth $60,000 after buying an additional 549 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Amalgamated Financial by 140.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,014 shares of the company's stock worth $63,000 after buying an additional 1,177 shares during the last quarter. 75.93% of the stock is owned by institutional investors.

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.

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