Amalgamated Financial (NASDAQ:AMAL) Reaches New 52-Week High - What's Next?

Key Points

• Amalgamated Financial reached a new 52-week high, trading as high as $50.92, after reporting quarterly EPS of $1.10—beating estimates by $0.10—and revenue of $96.10 million, above expectations.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $53.50; Piper Sandler and Keefe, Bruyette & Woods recently raised their price targets.
• The company declared a quarterly dividend of $0.17 per share, equal to an annualized $0.68 and a 1.4% yield. Institutional investors own 75.93% of the stock, while insiders sold shares during the latest quarter.

Shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $50.92 and last traded at $49.01, with a volume of 164557 shares trading hands. The stock had previously closed at $49.44.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AMAL. Piper Sandler increased their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a research note on Monday. Weiss Ratings downgraded shares of Amalgamated Financial from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods upped their price target on shares of Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a report on Friday. 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. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Amalgamated Financial currently has a consensus rating of "Moderate Buy" and an average price target of $53.50.

Amalgamated Financial Stock Performance

The company has a market cap of $1.46 billion, a PE ratio of 13.07 and a beta of 0.79. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average of $44.64 and a 200-day moving average of $41.13.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.10. Amalgamated Financial had a return on equity of 14.49% and a net margin of 23.34%.The business had revenue of $96.10 million during the quarter, compared to analyst estimates of $92.09 million. Equities research analysts anticipate that Amalgamated Financial Corp. will post 3.92 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Tuesday, August 4th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, August 4th. Amalgamated Financial's dividend payout ratio is currently 18.13%.

Insider Buying and Selling

In other Amalgamated Financial news, CFO Jason Darby sold 3,000 shares of the company's stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 79,343 shares in the company, valued at approximately $3,435,551.90. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Leslie Veluswamy sold 2,500 shares of the firm's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $43.51, for a total transaction of $108,775.00. Following the completion of the sale, the chief accounting officer directly owned 14,215 shares of the company's stock, valued at approximately $618,494.65. This represents a 14.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,589 shares of company stock valued at $325,139 over the last quarter. 1.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amalgamated Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in Amalgamated Financial by 63.7% in 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 during the period. Goldman Sachs Group Inc. grew its holdings in shares of Amalgamated Financial by 78.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 295,670 shares of the company's stock worth $9,470,000 after acquiring an additional 129,585 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in shares of Amalgamated Financial by 14.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company's stock worth $30,552,000 after acquiring an additional 120,483 shares during the period. First Trust Advisors LP raised its position in shares of Amalgamated Financial by 616.8% in the 2nd quarter. First Trust Advisors LP now owns 132,681 shares of the company's stock worth $4,140,000 after acquiring an additional 114,171 shares in the last quarter. Finally, Credit Agricole S A bought a new position in shares of Amalgamated Financial in the 3rd quarter worth approximately $2,839,000. 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.

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