Hsbc Holdings PLC Acquires New Position in Amalgamated Financial Corp. $AMAL

Key Points

• Hsbc Holdings PLC acquired 48,870 shares of Amalgamated Financial in the second quarter, valued at approximately $2.26 million and representing about 0.16% of the company. Institutional investors collectively own 75.93% of AMAL.
• Amalgamated Financial exceeded quarterly expectations, reporting $1.10 in earnings per share versus the $1.00 consensus estimate and revenue of $96.10 million, above forecasts of $92.09 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $53.50, while the company pays a quarterly dividend of $0.17 per share, yielding approximately 1.4% annually.

Hsbc Holdings PLC acquired a new stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,870 shares of the company's stock, valued at approximately $2,259,000. Hsbc Holdings PLC owned about 0.16% of Amalgamated Financial as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Amalgamated Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company's stock valued at $306,000 after purchasing an additional 468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Amalgamated Financial by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company's stock worth $1,872,000 after buying an additional 9,500 shares during the period. Jane Street Group LLC boosted its holdings in Amalgamated Financial by 373.1% in the 1st quarter. Jane Street Group LLC now owns 44,284 shares of the company's stock worth $1,273,000 after buying an additional 34,923 shares during the period. Legal & General Group Plc grew its stake in Amalgamated Financial by 11.6% in the 2nd quarter. Legal & General Group Plc now owns 21,476 shares of the company's stock valued at $670,000 after buying an additional 2,231 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Amalgamated Financial by 27.9% in the 2nd quarter. Rhumbline Advisers now owns 35,442 shares of the company's stock valued at $1,106,000 after buying an additional 7,741 shares in the last quarter. Institutional investors own 75.93% of the company's stock.

Insider Transactions at Amalgamated Financial

In other news, CFO Jason Darby sold 3,000 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $43.30, for a total transaction of $129,900.00. Following the transaction, the chief financial officer directly owned 79,343 shares in the company, valued at approximately $3,435,551.90. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maryann Bruce sold 2,138 shares of the firm's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $49.55, for a total value of $105,937.90. Following the transaction, the director directly owned 17,804 shares in the company, valued at approximately $882,188.20. This represents a 10.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 9,727 shares of company stock valued at $431,077. Insiders own 1.63% of the company's stock.

Amalgamated Financial Stock Performance

Shares of AMAL opened at $48.69 on Monday. The company has a market cap of $1.46 billion, a PE ratio of 12.98 and a beta of 0.79. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average price of $48.10 and a 200-day moving average price of $43.26. Amalgamated Financial Corp. has a 12-month low of $25.13 and a 12-month high of $51.59.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.10. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. The company had revenue of $96.10 million for the quarter, compared to analysts' expectations of $92.09 million. As a group, equities 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 disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, August 4th. Amalgamated Financial's payout ratio is currently 18.13%.

Wall Street Analysts Forecast Growth

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

Amalgamated Financial 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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