Figure 8 Investment Strategies LLC Acquires Shares of 67,308 Amalgamated Financial Corp. $AMAL

Key Points

• Figure 8 Investment Strategies acquired 67,308 shares of Amalgamated Financial worth approximately $3.09 million, while several other institutions—including BlackRock—also opened positions. Institutional investors collectively own 75.93% of the company.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $53.50. Amalgamated Financial recently exceeded quarterly earnings and revenue expectations, reporting $1.10 EPS and $96.1 million in revenue.
• AMAL shares opened at $50.18, near their 52-week high of $51.59, and the company declared a quarterly dividend of $0.17, equivalent to a 1.4% annual yield. Insiders, however, sold 9,727 shares worth $431,077 over the past 90 days.

Figure 8 Investment Strategies LLC 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 institutional investor acquired 67,308 shares of the company's stock, valued at approximately $3,089,000. Amalgamated Financial comprises about 2.6% of Figure 8 Investment Strategies LLC's portfolio, making the stock its 11th largest position. Figure 8 Investment Strategies LLC owned about 0.23% of Amalgamated Financial at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Amalgamated Financial during the second quarter worth $156,331,000. Deutsche Bank AG purchased a new stake in Amalgamated Financial in the second quarter valued at $838,000. Horizon Investment Services LLC purchased a new stake in Amalgamated Financial in the second quarter valued at $357,000. Bank of New York Mellon Corp acquired a new stake in Amalgamated Financial during the 2nd quarter worth about $6,931,000. Finally, GSA Capital Partners LLP acquired a new stake in Amalgamated Financial during the 2nd quarter worth about $1,905,000. Institutional investors and hedge funds own 75.93% of the company's stock.

Analyst Ratings Changes

AMAL has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their price objective on Amalgamated Financial from $53.00 to $54.00 and gave the company 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 research report on Thursday, June 25th. Weiss Ratings raised Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Finally, Piper Sandler upped their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.50.

Insider Activity

In related news, Director Maryann Bruce sold 2,138 shares of the company's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $49.55, for a total transaction of $105,937.90. Following the completion of the transaction, the director owned 17,804 shares in the company, valued at $882,188.20. This represents a 10.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Leslie Veluswamy sold 2,500 shares of the firm's stock in a transaction dated 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 in the company, valued at $618,494.65. This represents a 14.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,727 shares of company stock worth $431,077 over the last 90 days. 1.63% of the stock is currently owned by company insiders.

Amalgamated Financial Trading Down 1.3%

Shares of AMAL stock opened at $50.18 on Wednesday. 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 company has a market cap of $1.50 billion, a price-to-earnings ratio of 13.38 and a beta of 0.79. The stock has a 50 day simple moving average of $47.33 and a 200-day simple moving average of $42.78. Amalgamated Financial Corp. has a 1-year low of $25.13 and a 1-year high of $51.59.

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

Amalgamated Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Tuesday, August 4th will be given a $0.17 dividend. The ex-dividend date is 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 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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