Legal & General Group Plc Acquires Shares of 20,562 Amalgamated Financial Corp. $AMAL

Key Points

• Legal & General Group Plc acquired 20,562 shares of Amalgamated Financial in the second quarter, valued at approximately $944,000. 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 $54.00. Recent targets range from $53 to $55.
• Amalgamated Financial exceeded quarterly earnings expectations, reporting $1.10 in EPS versus a $1.00 estimate and $96.10 million in revenue. The company also pays a quarterly dividend of $0.17 per share, yielding about 1.4% annually.

Legal & General Group Plc bought a new stake in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 20,562 shares of the company's stock, valued at approximately $944,000. Legal & General Group Plc owned 0.07% of Amalgamated Financial as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its stake in Amalgamated Financial by 11.0% in the 4th quarter. Quadrant Capital Group LLC now owns 3,136 shares of the company's stock valued at $100,000 after purchasing an additional 312 shares during the period. Intech Investment Management LLC increased its position in Amalgamated Financial by 3.4% during the 3rd quarter. Intech Investment Management LLC now owns 11,628 shares of the company's stock worth $316,000 after buying an additional 383 shares during the period. Osaic Holdings Inc. increased its position in Amalgamated Financial by 56.7% during the 2nd quarter. Osaic Holdings Inc. now owns 1,080 shares of the company's stock worth $34,000 after buying an additional 391 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Amalgamated Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company's stock worth $306,000 after buying an additional 468 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of Amalgamated Financial by 41.2% during the fourth quarter. CWM LLC now owns 1,880 shares of the company's stock worth $60,000 after buying an additional 549 shares in the last quarter. Institutional investors own 75.93% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on AMAL. Piper Sandler upped their price target 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. Weiss Ratings raised shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Zacks Research raised shares of Amalgamated Financial from a "strong sell" rating to a "hold" rating in a report on Thursday, June 25th. Keefe, Bruyette & Woods increased their target price on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Finally, Raymond James Financial assumed coverage on shares of Amalgamated Financial in a report on Thursday, September 3rd. They set an "outperform" rating and a $55.00 target price on the stock. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Amalgamated Financial has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Amalgamated Financial Price Performance

AMAL stock opened at $49.17 on Tuesday. 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 Corp. has a 12 month low of $25.13 and a 12 month high of $51.59. The firm has a market cap of $1.47 billion, a P/E ratio of 13.11 and a beta of 0.79. The company's 50-day moving average price is $48.43 and its two-hundred day moving average price is $43.58.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its earnings results 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. The firm had revenue of $96.10 million during the quarter, compared to analysts' expectations of $92.09 million. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. On average, analysts anticipate that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, major shareholder States Regional Joint Western sold 44,244 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $48.19, for a total value of $2,132,118.36. Following the sale, the insider directly owned 6,988,727 shares of the company's stock, valued at $336,786,754.13. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 directly owned 79,343 shares of the company's stock, valued at approximately $3,435,551.90. The trade was a 3.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 272,786 shares of company stock valued at $13,081,995 in the last quarter. Corporate insiders own 1.63% of the company's stock.

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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