Nuveen LLC Acquires New Position in Amalgamated Financial Corp. $AMAL

Key Points

• Nuveen LLC has acquired 118,808 shares of Amalgamated Financial Corp. valued at approximately $3,416,000, representing around 0.39% ownership in the company.
• Amalgamated Financial recently reported an earnings per share (EPS) of $0.88, which fell short of analysts' expectations of $0.90, alongside a revenue of $82.18 million.
• The company has announced a quarterly dividend of $0.14, yielding 1.9%, with a payout ratio of 16.77%.

Nuveen LLC purchased a new stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 118,808 shares of the company's stock, valued at approximately $3,416,000. Nuveen LLC owned 0.39% of Amalgamated Financial as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH lifted its holdings in Amalgamated Financial by 33.1% during the first quarter. Allianz Asset Management GmbH now owns 348,543 shares of the company's stock valued at $10,021,000 after purchasing an additional 86,714 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Amalgamated Financial by 140.1% during the fourth quarter. Cubist Systematic Strategies LLC now owns 118,395 shares of the company's stock valued at $3,963,000 after purchasing an additional 69,079 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in Amalgamated Financial by 26.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 322,833 shares of the company's stock valued at $10,805,000 after purchasing an additional 68,381 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Amalgamated Financial during the fourth quarter valued at $2,244,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Amalgamated Financial during the fourth quarter valued at $2,137,000. Institutional investors and hedge funds own 75.93% of the company's stock.

Amalgamated Financial Price Performance

Shares of NASDAQ:AMAL traded down $0.22 during midday trading on Monday, hitting $28.89. The company's stock had a trading volume of 161,596 shares, compared to its average volume of 157,234. The business's 50 day simple moving average is $30.60 and its 200 day simple moving average is $30.02. 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 company has a market cap of $869.85 million, a P/E ratio of 8.65 and a beta of 0.92. Amalgamated Financial Corp. has a 12-month low of $25.03 and a 12-month high of $38.19.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.02). The business had revenue of $82.18 million during the quarter, compared to analysts' expectations of $82.52 million. Amalgamated Financial had a return on equity of 15.21% and a net margin of 23.60%. On average, analysts forecast that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Tuesday, August 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $0.56 dividend on an annualized basis and a yield of 1.9%. Amalgamated Financial's payout ratio is 16.77%.

Analyst Ratings Changes

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

Insider Buying and Selling at Amalgamated Financial

In other Amalgamated Financial news, EVP Sean Searby sold 3,512 shares of Amalgamated Financial stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $29.68, for a total transaction of $104,236.16. Following the completion of the sale, the executive vice president directly owned 8,791 shares in the company, valued at $260,916.88. This trade represents a 28.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.29% of the stock is currently owned by corporate insiders.

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.