Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $11,210,048.64 in Stock

Key Points

• Major shareholder United Workers sold 234,128 Amalgamated Financial shares at an average price of $47.88, generating $11.21 million and reducing its position by 36.95% to 399,567 shares.
• Amalgamated Financial shares recently traded at $46.99, while the company reported quarterly EPS of $1.10, exceeding analyst expectations of $1.00, and revenue of $96.1 million.
• Analysts maintain a consensus “Moderate Buy” rating with an average $54 price target; the company also pays a quarterly dividend of $0.17, equivalent to a 1.4% annual yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder United Workers sold 234,128 shares of the firm's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $47.88, for a total transaction of $11,210,048.64. Following the completion of the transaction, the insider directly owned 399,567 shares in the company, valued at approximately $19,131,267.96. The trade was a 36.95% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

United Workers also recently made the following trade(s):

• On Monday, September 14th, United Workers sold 228,284 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.84, for a total value of $10,921,106.56.
• On Wednesday, September 9th, United Workers sold 79,649 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.91, for a total value of $3,815,983.59.
• On Tuesday, September 8th, United Workers sold 42,910 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.56, for a total value of $2,083,709.60.
• On Friday, September 4th, United Workers sold 68,783 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.20, for a total transaction of $3,384,123.60.
• On Thursday, September 3rd, United Workers sold 44,658 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.43, for a total transaction of $2,207,444.94.
• On Wednesday, September 2nd, United Workers sold 44,244 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.19, for a total transaction of $2,132,118.36.
• On Tuesday, September 1st, United Workers sold 15,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.28, for a total transaction of $709,200.00.
• On Monday, August 31st, United Workers sold 73,535 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.12, for a total value of $3,538,504.20.

Amalgamated Financial Stock Performance

Shares of AMAL stock traded down $0.79 during trading on Tuesday, hitting $46.99. The company's stock had a trading volume of 235,460 shares, compared to its average volume of 168,863. The company has a market cap of $1.41 billion, a PE ratio of 12.53 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 business has a fifty day moving average of $48.60 and a 200-day moving average of $43.87. Amalgamated Financial Corp. has a 52 week low of $25.13 and a 52 week high of $51.59.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.10. The business had revenue of $96.10 million for the quarter, compared to analyst estimates of $92.09 million. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. As a group, research analysts anticipate that Amalgamated Financial Corp. will post 4.06 earnings per share for the current year.

Amalgamated Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Tuesday, August 4th were issued a $0.17 dividend. 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 18.13%.

Analyst Ratings Changes

AMAL has been the topic of a number of research analyst reports. Raymond James Financial assumed coverage on shares of Amalgamated Financial in a research note on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 target price on the stock. Weiss Ratings raised Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Piper Sandler boosted their target price on Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 25th. Finally, Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.00.

Institutional Investors Weigh In On Amalgamated Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Amalgamated Financial in the 2nd quarter valued at about $156,331,000. Bank of America Corp DE purchased a new position in shares of Amalgamated Financial during the second quarter worth about $7,771,000. Bank of New York Mellon Corp purchased a new stake in Amalgamated Financial in the second quarter valued at approximately $6,931,000. Bessemer Group Inc. lifted its position in Amalgamated Financial by 46.6% during the first quarter. Bessemer Group Inc. now owns 150,263 shares of the company's stock valued at $5,841,000 after purchasing an additional 47,770 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in Amalgamated Financial in the 2nd quarter worth approximately $6,459,000. Institutional investors own 75.93% of the company's stock.

Amalgamated Financial Company Profile

Amalgamated Financial Corporation is the holding company for Amalgamated Bank, a full-service commercial bank founded in 1923 by the Amalgamated Clothing Workers of America. The bank provides banking and financial services to consumers, businesses, nonprofit organizations, labor unions, political organizations and other mission-driven institutions.

Its products and services include commercial and consumer deposit accounts, lending, cash management, payment processing, online and mobile banking, investment management and related treasury services.

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