Amalgamated Financial (NASDAQ:AMAL) Shares Gap Down - What's Next?

Key Points

• Amalgamated Financial's shares gapped down from a previous close of $28.75 to an opening of $27.10, with current trading around $27.25.
• Analyst ratings have been downgraded, with Keefe, Bruyette & Woods lowering their target from $41.00 to $39.00, while Piper Sandler cut theirs from $34.00 to $27.00.
• The company recently announced a quarterly dividend of $0.14 per share, indicating an annualized dividend yield of 2.1% and a payout ratio of 16.77%.

Shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $28.75, but opened at $27.10. Amalgamated Financial shares last traded at $27.25, with a volume of 35,764 shares trading hands.

Analyst Ratings Changes

AMAL has been the topic of several research analyst reports. Keefe, Bruyette & Woods reduced 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 a "neutral" rating to an "underweight" rating and lowered their price objective for the company from $34.00 to $27.00 in a research report on Tuesday.

Amalgamated Financial Stock Performance

The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.09. The firm's 50 day simple moving average is $31.17 and its 200 day simple moving average is $30.87. The firm has a market cap of $835.26 million, a PE ratio of 8.17 and a beta of 0.89.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.02). The firm had revenue of $82.18 million during the quarter, compared to the consensus estimate of $82.52 million. Amalgamated Financial had a return on equity of 15.42% and a net margin of 23.60%. On average, research analysts forecast that Amalgamated Financial Corp. will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Tuesday, August 5th will be given a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.1%. Amalgamated Financial's payout ratio is presently 16.77%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Harrington Investments INC boosted its stake in Amalgamated Financial by 0.4% in the 2nd quarter. Harrington Investments INC now owns 80,510 shares of the company's stock worth $2,512,000 after purchasing an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Amalgamated Financial by 3.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,186 shares of the company's stock worth $341,000 after purchasing an additional 372 shares in the last quarter. US Bancorp DE boosted its stake in Amalgamated Financial by 12.9% in the 1st quarter. US Bancorp DE now owns 3,343 shares of the company's stock worth $96,000 after purchasing an additional 381 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in Amalgamated Financial by 1.5% in the 1st quarter. SummerHaven Investment Management LLC now owns 28,696 shares of the company's stock worth $825,000 after purchasing an additional 411 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Amalgamated Financial by 7.9% during the 1st quarter. New York State Common Retirement Fund now owns 6,811 shares of the company's stock valued at $196,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 75.93% of the company's stock.

Amalgamated Financial Company 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.

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