Amalgamated Financial Corp. $AMAL Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has reduced its holdings in Amalgamated Financial Corp. by 28.9%, selling 91,812 shares and retaining approximately 0.74% of the company.
• Various institutional investors have increased their stakes in Amalgamated Financial, with Alliancebernstein L.P. boosting its position by 1,738.5% during the first quarter.
• Piper Sandler downgraded Amalgamated Financial's stock rating from "neutral" to "underweight" and lowered the price target from $34.00 to $27.00.

Goldman Sachs Group Inc. lessened its stake in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 28.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 225,572 shares of the company's stock after selling 91,812 shares during the quarter. Goldman Sachs Group Inc. owned about 0.74% of Amalgamated Financial worth $6,485,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Allianz Asset Management GmbH raised its stake in shares of Amalgamated Financial by 33.1% in the 1st quarter. Allianz Asset Management GmbH now owns 348,543 shares of the company's stock valued at $10,021,000 after acquiring an additional 86,714 shares during the period. American Century Companies Inc. raised its stake in shares of Amalgamated Financial by 4.6% in the 1st quarter. American Century Companies Inc. now owns 526,141 shares of the company's stock valued at $15,127,000 after acquiring an additional 23,293 shares during the period. Bank of America Corp DE raised its stake in shares of Amalgamated Financial by 36.8% in the 4th quarter. Bank of America Corp DE now owns 76,888 shares of the company's stock valued at $2,573,000 after acquiring an additional 20,679 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Amalgamated Financial in the 4th quarter valued at $1,402,000. Finally, SG Americas Securities LLC raised its stake in shares of Amalgamated Financial by 16.2% in the 1st quarter. SG Americas Securities LLC now owns 24,832 shares of the company's stock valued at $714,000 after acquiring an additional 3,453 shares during the period. Institutional investors and hedge funds own 75.93% of the company's stock.

Amalgamated Financial Stock Performance

Shares of NASDAQ AMAL traded down $0.52 during midday trading on Friday, hitting $28.21. The company's stock had a trading volume of 71,206 shares, compared to its average volume of 207,394. Amalgamated Financial Corp. has a 1-year low of $25.03 and a 1-year high of $38.19. The firm's fifty day moving average price is $29.58 and its 200-day moving average price is $29.56. 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 firm has a market cap of $849.44 million, a P/E ratio of 8.45 and a beta of 0.92.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings results 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 net margin of 23.60% and a return on equity of 15.21%. The business had revenue of $82.18 million during the quarter, compared to analyst estimates of $82.52 million. On average, sell-side analysts forecast that Amalgamated Financial Corp. will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Tuesday, August 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.0%. Amalgamated Financial's payout ratio is 16.77%.

Analysts Set New Price Targets

Separately, Piper Sandler downgraded shares of Amalgamated Financial from a "neutral" rating to an "underweight" rating and cut their target price for the company from $34.00 to $27.00 in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $33.00.

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, EVP Sean Searby sold 4,106 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $29.77, for a total transaction of $122,235.62. Following the completion of the transaction, the executive vice president directly owned 12,303 shares of the company's stock, valued at $366,260.31. The trade was a 25.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.29% of the company's stock.

Amalgamated Financial Profile

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.