Connor Clark & Lunn Investment Management Ltd. Invests $1.30 Million in Amalgamated Financial Corp. $AMAL

Key Points

• Connor Clark & Lunn acquired 28,271 shares of Amalgamated Financial worth approximately $1.30 million, while institutional investors collectively own 75.93% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $53.50, above the reported share price of $48.69.
• Amalgamated Financial exceeded quarterly expectations, reporting $1.10 in earnings per share and $96.10 million in revenue, and paid a quarterly dividend of $0.17 per share.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 28,271 shares of the company's stock, valued at approximately $1,298,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Amalgamated Financial at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AMAL. Globeflex Capital L P acquired a new stake in Amalgamated Financial during the 2nd quarter worth approximately $4,746,000. Compass Financial Management LLC acquired a new position in Amalgamated Financial during the second quarter valued at approximately $59,000. Figure 8 Investment Strategies LLC lifted its position in Amalgamated Financial by 1.8% during the second quarter. Figure 8 Investment Strategies LLC now owns 67,308 shares of the company's stock valued at $3,089,000 after buying an additional 1,209 shares in the last quarter. BlackRock Inc. purchased a new stake in Amalgamated Financial during the second quarter worth approximately $156,331,000. Finally, Deutsche Bank AG purchased a new stake in Amalgamated Financial during the second quarter worth approximately $838,000. Hedge funds and other institutional investors own 75.93% of the company's stock.

Insider Activity

In related news, CFO Jason Darby sold 3,000 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $43.30, for a total value of $129,900.00. Following the transaction, the chief financial officer owned 79,343 shares in the company, valued at approximately $3,435,551.90. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Leslie Veluswamy sold 2,500 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $43.51, for a total value 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 $618,494.65. This represents a 14.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 9,727 shares of company stock worth $431,077 over the last ninety days. Corporate insiders own 1.63% of the company's stock.

Analysts Set New Price Targets

AMAL has been the topic of a number of research reports. Piper Sandler raised their target price on shares of Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Zacks Research raised shares of Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 25th. Weiss Ratings raised shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $53.50.

Amalgamated Financial Stock Performance

AMAL opened at $48.69 on Monday. The firm has a market capitalization of $1.46 billion, a P/E ratio of 12.98 and a beta of 0.79. The firm's 50 day moving average is $48.10 and its 200-day moving average is $43.26. Amalgamated Financial Corp. has a 52-week low of $25.13 and a 52-week high of $51.59. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.08.

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 analysts' consensus estimates of $1.00 by $0.10. The business had revenue of $96.10 million for the quarter, compared to analysts' expectations of $92.09 million. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. Analysts expect that Amalgamated Financial Corp. will post 4.06 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

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

Amalgamated Financial Company 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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