Assenagon Asset Management S.A. Buys Shares of 36,922 Amalgamated Financial Corp. $AMAL

Key Points

• Assenagon Asset Management S.A. has acquired 36,922 shares of Amalgamated Financial Corp. valued at approximately $1.15 million, representing around 0.12% of the company's total shares.
• Piper Sandler recently dropped the rating for Amalgamated Financial from "neutral" to "underweight" and reduced the target price from $34.00 to $27.00.
• Amalgamated Financial announced a quarterly dividend of $0.14 per share, yielding 2.0% annually, with a payout ratio of 16.77% as of the latest report.

Assenagon Asset Management S.A. purchased a new position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,922 shares of the company's stock, valued at approximately $1,152,000. Assenagon Asset Management S.A. owned approximately 0.12% of Amalgamated Financial as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Amalgamated Financial by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,186 shares of the company's stock worth $341,000 after buying an additional 372 shares during the period. US Bancorp DE lifted its holdings in shares of Amalgamated Financial by 12.9% during the first quarter. US Bancorp DE now owns 3,343 shares of the company's stock worth $96,000 after purchasing an additional 381 shares during the period. SummerHaven Investment Management LLC lifted its holdings in shares of Amalgamated Financial by 1.5% during the first quarter. SummerHaven Investment Management LLC now owns 28,696 shares of the company's stock worth $825,000 after purchasing an additional 411 shares during the period. New York State Common Retirement Fund lifted its holdings in Amalgamated Financial by 7.9% in the first 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. Finally, Principal Financial Group Inc. lifted its holdings in Amalgamated Financial by 2.8% in the first quarter. Principal Financial Group Inc. now owns 19,529 shares of the company's stock valued at $561,000 after acquiring an additional 537 shares during the period. Institutional investors and hedge funds own 75.93% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler downgraded Amalgamated Financial from a "neutral" rating to an "underweight" rating and reduced their target price for the company from $34.00 to $27.00 in a report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $33.00.

Insider Buying and Selling at Amalgamated Financial

In other news, EVP Sean Searby sold 4,106 shares of Amalgamated Financial stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $29.77, for a total value of $122,235.62. Following the transaction, the executive vice president directly owned 12,303 shares of the company's stock, valued at $366,260.31. The trade was a 25.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.29% of the stock is owned by corporate insiders.

Amalgamated Financial Trading Up 1.0%

Amalgamated Financial stock opened at $27.69 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.10. The stock has a market cap of $833.75 million, a PE ratio of 8.29 and a beta of 0.92. The stock has a 50-day moving average price of $28.96 and a 200 day moving average price of $29.48. Amalgamated Financial Corp. has a 52 week low of $25.03 and a 52 week high of $38.19.

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

Amalgamated Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Tuesday, August 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 5th. Amalgamated Financial's payout ratio is currently 16.77%.

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.

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