Bank of New York Mellon Corp Takes $6.93 Million Position in Amalgamated Financial Corp. $AMAL

Key Points

• Bank of New York Mellon initiated a $6.93 million position in Amalgamated Financial, acquiring 151,010 shares and owning approximately 0.51% of the company. Institutional investors collectively hold 75.93% of AMAL’s outstanding stock.
• Amalgamated Financial exceeded quarterly expectations, reporting $1.10 in EPS versus the $1.00 consensus and revenue of $96.1 million versus $92.09 million. The company also maintains a $0.17 quarterly dividend, equivalent to a 1.4% annual yield.
• Analyst sentiment is generally positive, with Raymond James initiating an “Outperform” rating and a $55 price target; AMAL has a consensus “Moderate Buy” rating and an average target near $54. However, insiders have sold 275,286 shares worth approximately $13.2 million over the past three months.

Bank of New York Mellon Corp purchased a new stake in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 151,010 shares of the company's stock, valued at approximately $6,931,000. Bank of New York Mellon Corp owned 0.51% of Amalgamated Financial at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Osaic Holdings Inc. boosted its position in shares of Amalgamated Financial by 56.7% during the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company's stock worth $34,000 after purchasing an additional 391 shares in the last quarter. Arax Advisory Partners raised its stake in Amalgamated Financial by 187.1% during the 4th quarter. Arax Advisory Partners now owns 1,269 shares of the company's stock worth $41,000 after buying an additional 827 shares during the period. Royal Bank of Canada lifted its holdings in Amalgamated Financial by 143.8% during the first quarter. Royal Bank of Canada now owns 1,485 shares of the company's stock worth $57,000 after acquiring an additional 876 shares in the last quarter. CWM LLC lifted its holdings in Amalgamated Financial by 41.2% during the fourth quarter. CWM LLC now owns 1,880 shares of the company's stock worth $60,000 after acquiring an additional 549 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Amalgamated Financial by 140.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,014 shares of the company's stock valued at $63,000 after acquiring an additional 1,177 shares during the period. Institutional investors own 75.93% of the company's stock.

Amalgamated Financial Stock Performance

Shares of Amalgamated Financial stock opened at $49.04 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 13.08 and a beta of 0.79. The stock's 50-day moving average is $48.33 and its 200-day moving average is $43.47. Amalgamated Financial Corp. has a one year low of $25.13 and a one year high of $51.59.

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

Amalgamated Financial Dividend Announcement

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

Key Amalgamated Financial News

Here are the key news stories impacting Amalgamated Financial this week:

• Positive Sentiment: Raymond James initiated coverage with an “Outperform” rating and a $55 price target. The target implies roughly 12% upside from the reference price of $49.04 and adds a new bullish voice to the analyst coverage. Raymond James Initiates Amalgamated Financial at Outperform With $55 Price Target
• Positive Sentiment: Zacks upgraded AMAL to Rank #2, or “Buy,” citing greater optimism about the bank holding company’s earnings prospects. The upgrade could support near-term demand for the stock. What Makes Amalgamated Financial AMAL a New Buy Stock
• Positive Sentiment: AMAL’s latest reported quarter exceeded expectations, with earnings of $1.10 per share versus a $1.00 consensus estimate and revenue of $96.1 million versus $92.09 million. Analysts expect approximately $4.06 in full-year EPS, while the company’s quarterly dividend equates to a $0.68 annual payout and a roughly 1.4% yield.
• Neutral Sentiment: The stock remains near its one-year high of $51.59 and above its 200-day moving average of $43.41. Its valuation is approximately 13 times earnings, and the broader analyst consensus is “Moderate Buy” with a target price near $53.50.
• Negative Sentiment: Major shareholders reported multiple sales covering August 31 through September 2. The filings included sales of 73,535 shares, 44,244 shares and 15,000 shares at prices between $47.28 and $48.19. Although the reported reductions were small relative to the holders’ remaining positions of nearly 7 million shares each, continued selling near recent highs could weigh on investor sentiment. SEC ownership filing

Analyst Ratings Changes

Several brokerages have issued reports on AMAL. Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Zacks Research upgraded Amalgamated Financial from a "strong sell" rating to a "hold" rating in a report on Thursday, June 25th. Weiss Ratings upgraded Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Piper Sandler increased their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Finally, Raymond James Financial assumed coverage on Amalgamated Financial in a research note on Thursday. They set an "outperform" rating and a $55.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Amalgamated Financial presently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Insider Buying and Selling at Amalgamated Financial

In related news, major shareholder States Regional Joint Western sold 73,535 shares of the firm's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $48.12, for a total value of $3,538,504.20. Following the completion of the transaction, the insider owned 7,047,971 shares of the company's stock, valued at approximately $339,148,364.52. This trade represents a 1.03% 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 hyperlink. Also, CAO Leslie Veluswamy sold 2,500 shares of the firm's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $43.51, for a total transaction of $108,775.00. Following the completion of the transaction, the chief accounting officer directly owned 14,215 shares of the company's stock, valued at approximately $618,494.65. This trade represents a 14.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 275,286 shares of company stock valued at $13,190,770 in the last three months. 1.63% of the stock is currently owned by insiders.

Amalgamated Financial Profile

Amalgamated Financial Corp. NASDAQ: AMAL is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.

In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.

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