Bank of America Corp DE Grows Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Bank of America Corp DE lifted its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 36.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,888 shares of the company's stock after acquiring an additional 20,679 shares during the period. Bank of America Corp DE owned approximately 0.25% of Amalgamated Financial worth $2,573,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC lifted its position in Amalgamated Financial by 91.7% in the 3rd quarter. Barclays PLC now owns 119,165 shares of the company's stock valued at $3,739,000 after acquiring an additional 57,008 shares in the last quarter. R Squared Ltd bought a new stake in shares of Amalgamated Financial in the 4th quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Amalgamated Financial in the fourth quarter valued at about $469,000. Figure 8 Investment Strategies LLC bought a new position in shares of Amalgamated Financial during the fourth quarter valued at about $2,778,000. Finally, New York State Teachers Retirement System bought a new position in shares of Amalgamated Financial during the fourth quarter valued at about $55,000. Institutional investors and hedge funds own 75.93% of the company's stock.

Amalgamated Financial Trading Up 0.5%

AMAL stock traded up $0.14 on Thursday, reaching $29.85. The company's stock had a trading volume of 11,631 shares, compared to its average volume of 190,440. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. The business has a fifty day simple moving average of $28.68 and a two-hundred day simple moving average of $31.93. The firm has a market cap of $913.14 million, a PE ratio of 8.61 and a beta of 0.86. Amalgamated Financial Corp. has a 12-month low of $24.02 and a 12-month high of $38.19.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The firm had revenue of $79.69 million during the quarter, compared to analyst estimates of $74.78 million. During the same quarter in the prior year, the company earned $0.89 EPS. As a group, research analysts forecast that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial declared that its board has authorized a share repurchase program on Monday, March 10th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Amalgamated Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Tuesday, May 6th were issued a $0.14 dividend. The ex-dividend date was Tuesday, May 6th. This represents a $0.56 annualized dividend and a yield of 1.88%. Amalgamated Financial's payout ratio is 16.62%.

Insider Activity at Amalgamated Financial

In related news, EVP Tyrone Graham sold 869 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $29.73, for a total value of $25,835.37. Following the transaction, the executive vice president now directly owns 10,580 shares of the company's stock, valued at approximately $314,543.40. This trade represents a 7.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AMAL shares. Piper Sandler lowered Amalgamated Financial from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $42.00 to $38.00 in a research report on Friday, February 21st. 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.

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.