Mackenzie Financial Corp Invests $512,000 in Amalgamated Financial Corp. (NASDAQ:AMAL)

Mackenzie Financial Corp purchased a new position in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,289 shares of the company's stock, valued at approximately $512,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. New York State Teachers Retirement System purchased a new stake in shares of Amalgamated Financial during the fourth quarter valued at $55,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Amalgamated Financial during the fourth quarter valued at $90,000. US Bancorp DE grew its holdings in shares of Amalgamated Financial by 28.1% during the fourth quarter. US Bancorp DE now owns 2,962 shares of the company's stock valued at $99,000 after buying an additional 650 shares during the last quarter. Midwest Professional Planners LTD. purchased a new stake in shares of Amalgamated Financial during the fourth quarter valued at $210,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Amalgamated Financial in the fourth quarter valued at $224,000. 75.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMAL has been the topic of several recent research reports. Piper Sandler lowered shares of Amalgamated Financial from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $42.00 to $38.00 in a report on Friday, February 21st. Keefe, Bruyette & Woods lowered their price target on shares of Amalgamated Financial from $41.00 to $39.00 and set an "outperform" rating on the stock in a report on Friday, April 25th.

Amalgamated Financial Price Performance

AMAL stock traded up $0.67 during mid-day trading on Friday, reaching $30.58. 93,511 shares of the company's stock were exchanged, compared to its average volume of 191,709. The company has a market cap of $935.44 million, a price-to-earnings ratio of 8.86 and a beta of 0.86. Amalgamated Financial Corp. has a 12-month low of $24.02 and a 12-month high of $38.19. The stock's 50 day moving average is $28.74 and its 200 day moving average is $31.84. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The company reported $0.88 earnings per share for the quarter, hitting analysts' consensus estimates of $0.88. The company had revenue of $79.69 million during the quarter, compared to analysts' expectations of $74.78 million. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. During the same period in the prior year, the business posted $0.89 earnings per share. On average, research analysts expect that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Tuesday, May 6th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.83%. Amalgamated Financial's dividend payout ratio is currently 16.62%.

Amalgamated Financial announced that its Board of Directors has initiated a share buyback program on Monday, March 10th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.