Elizabeth Park Capital Advisors Ltd. Raises Stock Position in Amalgamated Financial Corp. $AMAL

Key Points

• Elizabeth Park Capital Advisors Ltd. increased its stake in Amalgamated Financial Corp. by 29.1% in the first quarter, owning 93,009 shares valued at approximately $2.67 million.
• Amalgamated Financial reported earnings of $0.88 per share for the most recent quarter, missing estimates by $0.02, with a revenue of $82.18 million.
• The company announced a quarterly dividend of $0.14 per share, representing a dividend yield of 1.9%.

Elizabeth Park Capital Advisors Ltd. boosted its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 29.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 93,009 shares of the company's stock after acquiring an additional 20,969 shares during the quarter. Amalgamated Financial accounts for approximately 2.4% of Elizabeth Park Capital Advisors Ltd.'s investment portfolio, making the stock its 18th biggest holding. Elizabeth Park Capital Advisors Ltd. owned 0.30% of Amalgamated Financial worth $2,674,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Amalgamated Financial by 3.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,186 shares of the company's stock valued at $341,000 after buying an additional 372 shares during the last quarter. US Bancorp DE grew its stake in Amalgamated Financial by 12.9% in the 1st quarter. US Bancorp DE now owns 3,343 shares of the company's stock valued at $96,000 after buying an additional 381 shares in the last quarter. SummerHaven Investment Management LLC grew its stake in Amalgamated Financial by 1.5% in the 1st quarter. SummerHaven Investment Management LLC now owns 28,696 shares of the company's stock valued at $825,000 after buying an additional 411 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Amalgamated Financial by 7.9% in the 1st quarter. New York State Common Retirement Fund now owns 6,811 shares of the company's stock valued at $196,000 after purchasing an additional 500 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Amalgamated Financial by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 19,529 shares of the company's stock valued at $561,000 after purchasing an additional 537 shares during the period. Hedge funds and other institutional investors own 75.93% of the company's stock.

Analyst Ratings Changes

Separately, Piper Sandler downgraded shares of Amalgamated Financial from a "neutral" rating to an "underweight" rating and dropped their price objective for the stock from $34.00 to $27.00 in a report on Tuesday, August 5th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Amalgamated Financial presently has a consensus rating of "Hold" and a consensus target price of $33.00.

Insider Activity

In other news, EVP Sean Searby sold 4,106 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $29.77, for a total value of $122,235.62. Following the transaction, the executive vice president owned 12,303 shares in the company, valued at approximately $366,260.31. This represents a 25.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.29% of the company's stock.

Amalgamated Financial Trading Down 0.8%

Shares of NASDAQ AMAL traded down $0.22 during midday trading on Monday, hitting $28.89. 161,596 shares of the company traded hands, compared to its average volume of 157,234. Amalgamated Financial Corp. has a 12-month low of $25.03 and a 12-month high of $38.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.64 and a current ratio of 0.64. The stock has a 50-day moving average price of $30.60 and a 200 day moving average price of $30.02. The firm has a market cap of $869.85 million, a P/E ratio of 8.65 and a beta of 0.92.

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

Amalgamated Financial Announces Dividend

The company also recently announced 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 1.9%. The ex-dividend date was Tuesday, August 5th. Amalgamated Financial's dividend 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.