169,300 Shares of Amalgamated Financial Corp. $AMAL Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 169,300 shares of Amalgamated Financial in the second quarter, worth approximately $7.8 million and representing about 0.57% of the company. Institutional investors collectively own 75.93% of AMAL.
• Amalgamated Financial reported quarterly EPS of $1.10, exceeding the $1.00 consensus estimate, while revenue of $96.1 million also surpassed expectations. Analysts maintain a “Moderate Buy” consensus rating with an average $54 price target.
• Company insiders sold approximately 1.72 million shares worth $83 million over the past 90 days. AMAL recently declared a quarterly dividend of $0.17 per share, equivalent to a 1.4% annualized yield.

Bank of America Corp DE acquired a new stake in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 169,300 shares of the company's stock, valued at approximately $7,771,000. Bank of America Corp DE owned approximately 0.57% of Amalgamated Financial at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Amalgamated Financial in the 2nd quarter valued at $156,331,000. Bank of New York Mellon Corp acquired a new position in Amalgamated Financial during the 2nd quarter valued at about $6,931,000. Bessemer Group Inc. boosted its stake in shares of Amalgamated Financial by 46.6% in the 1st quarter. Bessemer Group Inc. now owns 150,263 shares of the company's stock valued at $5,841,000 after purchasing an additional 47,770 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Amalgamated Financial by 6.1% in the 1st quarter. Empowered Funds LLC now owns 134,342 shares of the company's stock valued at $5,222,000 after purchasing an additional 7,698 shares during the last quarter. Finally, Globeflex Capital L P boosted its stake in shares of Amalgamated Financial by 14.8% in the 4th quarter. Globeflex Capital L P now owns 106,947 shares of the company's stock valued at $3,426,000 after purchasing an additional 13,795 shares during the last quarter. 75.93% of the stock is owned by institutional investors.

Insider Activity at Amalgamated Financial

In related news, CFO Jason Darby sold 19,995 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $48.10, for a total transaction of $961,759.50. Following the completion of the sale, the chief financial officer directly owned 53,851 shares of the company's stock, valued at approximately $2,590,233.10. This represents a 27.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Edgar Romney, Jr. sold 5,992 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $47.46, for a total transaction of $284,380.32. Following the sale, the insider owned 22,393 shares in the company, valued at $1,062,771.78. This trade represents a 21.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,724,557 shares of company stock valued at $83,002,442 over the last 90 days. Insiders own 1.63% of the company's stock.

Amalgamated Financial Trading Up 0.8%

AMAL opened at $47.58 on Friday. The firm's fifty day moving average is $48.71 and its two-hundred day moving average is $44.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. The firm has a market cap of $1.42 billion, a PE ratio of 12.69 and a beta of 0.79. Amalgamated Financial Corp. has a twelve month low of $25.13 and a twelve month high of $51.59.

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

Amalgamated Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Tuesday, August 4th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. Amalgamated Financial's dividend payout ratio (DPR) is currently 18.13%.

Analyst Ratings Changes

A number of research firms recently weighed in on AMAL. Piper Sandler boosted their price target on shares of 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 shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Raymond James Financial began coverage on shares of Amalgamated Financial in a research report on Thursday, September 3rd. They set an "outperform" rating and a $55.00 target price for the company. Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. Finally, Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Three 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 a consensus target price of $54.00.

About Amalgamated Financial

Amalgamated Financial Corporation is the holding company for Amalgamated Bank, a full-service commercial bank founded in 1923 by the Amalgamated Clothing Workers of America. The bank provides banking and financial services to consumers, businesses, nonprofit organizations, labor unions, political organizations and other mission-driven institutions.

Its products and services include commercial and consumer deposit accounts, lending, cash management, payment processing, online and mobile banking, investment management and related treasury services.

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