Congress Asset Management Co. Purchases 45,855 Shares of Amalgamated Financial Corp. $AMAL

Key Points

• Congress Asset Management increased its Amalgamated Financial stake by 22.5%, purchasing 45,855 shares to own 250,093 shares valued at approximately $11.9 million. Institutional investors collectively own 75.93% of the company.
• Analysts maintain a “Moderate Buy” consensus on AMAL, with an average price target of $54.00; recent ratings include three Buys and two Holds.
• Amalgamated Financial reported quarterly EPS of $1.10, exceeding estimates by $0.10, and revenue of $96.1 million. The company also pays a quarterly dividend of $0.17, equivalent to a 1.4% annualized yield.

Congress Asset Management Co. boosted its position in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 22.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 250,093 shares of the company's stock after purchasing an additional 45,855 shares during the quarter. Congress Asset Management Co. owned about 0.84% of Amalgamated Financial worth $11,897,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Amalgamated Financial during the second quarter valued at $156,331,000. Bank of America Corp DE acquired a new position in Amalgamated Financial during the 2nd quarter valued at about $7,771,000. Bank of New York Mellon Corp acquired a new position in Amalgamated Financial during the 2nd quarter valued at about $6,931,000. Empowered Funds LLC bought a new stake in shares of Amalgamated Financial during the 2nd quarter worth about $6,459,000. Finally, Bessemer Group Inc. raised its position in shares of Amalgamated Financial by 46.6% during the 1st quarter. Bessemer Group Inc. now owns 150,263 shares of the company's stock worth $5,841,000 after buying an additional 47,770 shares in the last quarter. 75.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Amalgamated Financial

In other Amalgamated Financial news, major shareholder United Workers sold 228,284 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $47.84, for a total transaction of $10,921,106.56. Following the transaction, the insider owned 373,022 shares in the company, valued at $17,845,372.48. This trade represents a 37.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Edgar Romney, Jr. sold 5,992 shares of the company's stock in a transaction dated Thursday, September 10th. The shares were 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 of the company's stock, valued at $1,062,771.78. This trade represents a 21.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,724,705 shares of company stock worth $83,009,328. 1.63% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on AMAL shares. Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. Raymond James Financial began coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They set an "outperform" rating and a $55.00 target price for the company. Keefe, Bruyette & Woods boosted their price target on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Piper Sandler upped their price target on shares of Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Amalgamated Financial currently has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Amalgamated Financial Trading Down 0.2%

NASDAQ:AMAL opened at $47.65 on Wednesday. The stock has a market cap of $1.42 billion, a PE ratio of 12.71 and a beta of 0.81. Amalgamated Financial Corp. has a fifty-two week low of $25.13 and a fifty-two week high of $51.59. 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 stock's 50-day moving average is $48.60 and its two-hundred day moving average is $44.89.

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

Amalgamated Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Tuesday, August 4th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, August 4th. Amalgamated Financial's payout ratio is 18.13%.

Amalgamated Financial Profile

Amalgamated Financial Corp. is the parent company of Amalgamated Bank, a mission-driven financial institution headquartered in New York City. The bank provides banking and financial services to consumers, businesses, nonprofit organizations, labor unions, political organizations and other institutions, with an emphasis on serving customers and industries aligned with its social and environmental values.

Amalgamated Bank's offerings include deposit accounts, commercial and consumer lending, cash-management and treasury services, payment solutions, institutional banking and investment-management services.

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