Amalgamated Financial Corp. $AMAL Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Amalgamated Financial by 35.1%, owning 740,642 shares worth approximately $21.3 million as of its latest SEC filing.
• Amalgamated Financial's stock was rated underweight by Piper Sandler, with a reduced price target of $27, while the average stock rating remains a Hold.
• The company recently announced a quarterly dividend of $0.14, representing an annualized dividend yield of 1.9% and a payout ratio of 16.77%.

Adage Capital Partners GP L.L.C. boosted its stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 35.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 740,642 shares of the company's stock after purchasing an additional 192,577 shares during the period. Adage Capital Partners GP L.L.C. owned 2.42% of Amalgamated Financial worth $21,293,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the company. Stifel Financial Corp acquired a new stake in shares of Amalgamated Financial in the 4th quarter valued at $619,000. Northern Trust Corp boosted its stake in Amalgamated Financial by 0.8% during the 4th quarter. Northern Trust Corp now owns 217,443 shares of the company's stock valued at $7,278,000 after purchasing an additional 1,776 shares during the last quarter. AQR Capital Management LLC lifted its stake in Amalgamated Financial by 58.6% in the fourth quarter. AQR Capital Management LLC now owns 147,949 shares of the company's stock valued at $4,952,000 after purchasing an additional 54,692 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Amalgamated Financial during the 4th quarter valued at $224,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Amalgamated Financial in the fourth quarter worth $1,402,000. Institutional investors own 75.93% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered shares of Amalgamated Financial from a "neutral" rating to an "underweight" rating and dropped their target price for the stock from $34.00 to $27.00 in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $33.00.

Amalgamated Financial Price Performance

NASDAQ AMAL traded down $0.13 on Wednesday, reaching $28.62. The company had a trading volume of 10,196 shares, compared to its average volume of 209,440. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $861.72 million, a PE ratio of 8.57 and a beta of 0.92. The firm's 50 day moving average price is $30.26 and its 200 day moving average price is $29.73. Amalgamated Financial Corp. has a 12 month low of $25.03 and a 12 month high of $38.19.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its quarterly earnings data 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). Amalgamated Financial had a net margin of 23.60% and a return on equity of 15.21%. The company had revenue of $82.18 million during the quarter, compared to analysts' expectations of $82.52 million. As a group, equities analysts predict that Amalgamated Financial Corp. will post 3.65 earnings per share for the current year.

Amalgamated Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 5th. Amalgamated Financial's dividend payout ratio (DPR) is presently 16.77%.

Insider Buying and Selling at Amalgamated Financial

In related news, EVP Sean Searby sold 4,106 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $29.77, for a total transaction of $122,235.62. Following the completion of the sale, the executive vice president directly owned 12,303 shares in the company, valued at approximately $366,260.31. This trade represents a 25.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.29% of the company's stock.

Amalgamated Financial 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.