Amalgamated Financial (NASDAQ:AMAL) Reaches New 52-Week High - Still a Buy?

Key Points

• Amalgamated Financial reached a new 52-week high of $50.93, with shares recently trading around $50.90. Analysts have a “Moderate Buy” consensus and an average price target of $53.50.
• The company exceeded quarterly expectations, reporting EPS of $1.10 versus the $1.00 estimate and revenue of $96.10 million. It also declared a quarterly dividend of $0.17, equal to a 1.3% annualized yield.
• Insiders sold 9,727 shares worth approximately $431,000 over the past 90 days, while institutional investors own a substantial 75.93% of outstanding shares.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $50.93 and last traded at $50.90, with a volume of 82164 shares. The stock had previously closed at $50.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Piper Sandler upped their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Weiss Ratings raised Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods lifted their target price on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Finally, Zacks Research upgraded Amalgamated Financial from a "strong sell" rating to a "hold" rating in a report on Thursday, June 25th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $53.50.

Amalgamated Financial Stock Up 1.4%

The stock's 50 day simple moving average is $46.48 and its two-hundred day simple moving average is $42.34. The firm has a market cap of $1.52 billion, a P/E ratio of 13.53 and a beta of 0.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.10. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%.The firm had revenue of $96.10 million for the quarter, compared to analysts' expectations of $92.09 million. As a group, research analysts forecast that Amalgamated Financial Corp. will post 4.06 earnings per share for the current year.

Amalgamated Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Tuesday, August 4th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.3%. Amalgamated Financial's payout ratio is currently 18.13%.

Insider Buying and Selling

In other Amalgamated Financial news, Director Maryann Bruce sold 2,138 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $49.55, for a total value of $105,937.90. Following the completion of the transaction, the director owned 17,804 shares of the company's stock, valued at approximately $882,188.20. The trade was a 10.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Leslie Veluswamy sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $43.51, for a total transaction of $108,775.00. Following the transaction, the chief accounting officer directly owned 14,215 shares of the company's stock, valued at $618,494.65. The trade was a 14.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 9,727 shares of company stock worth $431,077. 1.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AMAL. Osaic Holdings Inc. grew its holdings in Amalgamated Financial by 56.7% during the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company's stock valued at $34,000 after purchasing an additional 391 shares during the period. Arax Advisory Partners boosted its holdings in shares of 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 grew its holdings in Amalgamated Financial by 143.8% during the 1st 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 in the last quarter. CWM LLC grew its holdings 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 purchasing an additional 549 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings 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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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