Amalgamated Financial (NASDAQ:AMAL) Shares Gap Down - Here's What Happened

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 subject of several research analyst reports. Keefe, Bruyette & Woods reduced their price objective 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. Piper Sandler downgraded shares of Amalgamated Financial from a "neutral" rating to an "underweight" rating and cut their price target for the stock from $34.00 to $27.00 in a report on Tuesday.

Amalgamated Financial Stock Performance

The firm's fifty day simple moving average is $30.95 and its 200 day simple moving average is $30.67. The company has a market capitalization of $839.77 million, a PE ratio of 8.35 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.64 and a quick ratio of 0.65.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.88 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.02). The company had revenue of $82.18 million during the quarter, compared to analysts' expectations of $82.52 million. Amalgamated Financial had a return on equity of 15.21% and a net margin of 23.60%. On average, research analysts predict that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Tuesday, August 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.0%. Amalgamated Financial's dividend payout ratio is 16.77%.

Institutional Trading of Amalgamated Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning grew its position in shares of Amalgamated Financial by 10.7% during the 2nd quarter. Creative Planning now owns 28,633 shares of the company's stock valued at $893,000 after acquiring an additional 2,761 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its position in Amalgamated Financial by 38.4% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,506 shares of the company's stock worth $172,000 after purchasing an additional 1,527 shares in the last quarter. Geode Capital Management LLC grew its holdings in Amalgamated Financial by 20.2% in the second quarter. Geode Capital Management LLC now owns 608,506 shares of the company's stock valued at $18,988,000 after purchasing an additional 102,166 shares during the period. Bank of Montreal Can increased its position in shares of Amalgamated Financial by 21.9% in the second quarter. Bank of Montreal Can now owns 20,133 shares of the company's stock valued at $628,000 after buying an additional 3,621 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Amalgamated Financial during the 2nd quarter worth approximately $323,000. Institutional investors and hedge funds own 75.93% of the company's stock.

About Amalgamated Financial

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.