Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 30,000 Shares of Company Stock

Key Points

• Major shareholder States Regional Joint Western sold 30,000 Amalgamated Financial shares at an average $50.81 each, for about $1.52 million. After the sale, it still held approximately 6.86 million shares.
• Amalgamated Financial reported quarterly earnings of $1.14 per share, topping the $1.08 consensus estimate; revenue was $99.17 million, slightly below forecasts.
• The company announced a quarterly dividend of $0.17 per share, equal to $0.68 annually and a 1.4% yield. Analysts’ consensus rating was “Moderate Buy,” with a $54 target price.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder States Regional Joint Western sold 30,000 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $50.81, for a total value of $1,524,300.00. Following the transaction, the insider owned 6,856,216 shares of the company's stock, valued at approximately $348,364,334.96. This represents a 0.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

States Regional Joint Western also recently made the following trade(s):

• On Tuesday, November 3rd, States Regional Joint Western sold 16,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $50.02, for a total value of $800,320.00.
• On Friday, October 30th, States Regional Joint Western sold 30,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $49.97, for a total transaction of $1,499,100.00.
• On Monday, September 14th, States Regional Joint Western sold 228,284 shares of Amalgamated Financial stock. The shares were sold at an average price of $47.84, for a total transaction of $10,921,106.56.
• On Friday, September 11th, States Regional Joint Western sold 234,128 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.88, for a total transaction of $11,210,048.64.
• On Wednesday, September 9th, States Regional Joint Western sold 79,649 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.91, for a total transaction of $3,815,983.59.
• On Tuesday, September 8th, States Regional Joint Western sold 42,910 shares of Amalgamated Financial stock. The stock was sold at an average price of $48.56, for a total transaction of $2,083,709.60.
• On Friday, September 4th, States Regional Joint Western 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, States Regional Joint Western sold 44,658 shares of Amalgamated Financial stock. The shares were sold at an average price of $49.43, for a total transaction of $2,207,444.94.
• On Wednesday, September 2nd, States Regional Joint Western 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, States Regional Joint Western 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.

Amalgamated Financial Trading Down 1.4%

AMAL stock traded down $0.71 during trading on Tuesday, reaching $49.89. The company had a trading volume of 155,330 shares, compared to its average volume of 220,777. Amalgamated Financial Corp. has a 52 week low of $26.61 and a 52 week high of $52.30. The company has a market cap of $1.49 billion, a P/E ratio of 12.26 and a beta of 0.76. The business has a 50 day moving average of $48.16 and a 200 day moving average of $43.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.08 by $0.06. The business had revenue of $99.17 million during the quarter, compared to analyst estimates of $99.26 million. Amalgamated Financial had a net margin of 24.57% and a return on equity of 15.00%. As a group, sell-side analysts forecast that Amalgamated Financial Corp. will post 4.13 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Tuesday, November 3rd will be issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. Amalgamated Financial's dividend payout ratio is 16.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Piper Sandler raised 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. Weiss Ratings cut Amalgamated Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 23rd. 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. Finally, Raymond James Financial began coverage on Amalgamated Financial in a report on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Amalgamated Financial currently has an average rating of "Moderate Buy" and a consensus target price of $54.00.

Institutional Investors Weigh In On Amalgamated Financial

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Amalgamated Financial in the second quarter worth $156,331,000. Congress Asset Management Co. increased its holdings in shares of Amalgamated Financial by 22.5% during the third quarter. Congress Asset Management Co. now owns 250,093 shares of the company's stock valued at $11,897,000 after acquiring an additional 45,855 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Amalgamated Financial in the 2nd quarter worth about $7,771,000. Bank of New York Mellon Corp purchased a new position in shares of Amalgamated Financial in the 2nd quarter worth about $6,931,000. Finally, Bessemer Group Inc. raised its position in shares of Amalgamated Financial by 46.6% in the 1st quarter. Bessemer Group Inc. now owns 150,263 shares of the company's stock worth $5,841,000 after purchasing an additional 47,770 shares during the last quarter. 75.93% of the stock is owned by institutional investors.

Amalgamated Financial Company Profile

Amalgamated Financial Corporation NASDAQ: AMAL is the parent company of Amalgamated Bank, a commercial bank that provides banking, lending and financial services to businesses, nonprofit organizations, labor unions, political organizations and individual consumers. The bank is known for serving mission-driven and socially responsible organizations, as well as customers seeking conventional banking products.

Amalgamated Bank offers commercial and consumer deposits, commercial and real estate lending, treasury management, online and mobile banking, payment services, and investment management.

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