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

Key Points

• Major shareholder United Workers sold 30,000 Amalgamated Financial shares at an average $49.97, receiving about $1.50 million. It retained 6.89 million shares after the sale.
• Amalgamated Financial reported quarterly earnings of $1.14 per share, topping the $1.08 analyst consensus, while revenue of $99.17 million came in slightly below expectations.
• The company declared a quarterly dividend of $0.17 per share, equivalent to a 1.4% yield. Analysts’ consensus rating was “Moderate Buy,” with a $54 average price target.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder United Workers sold 30,000 shares of the business's stock in a transaction on Friday, October 30th. The stock was sold at an average price of $49.97, for a total transaction of $1,499,100.00. Following the sale, the insider directly owned 6,886,216 shares in the company, valued at approximately $344,104,213.52. The trade was a 0.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, November 3rd, United Workers sold 16,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $50.02, for a total value of $800,320.00.
• On Monday, November 2nd, United Workers sold 30,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $50.81, for a total transaction of $1,524,300.00.
• 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 Friday, September 11th, United Workers 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, United Workers 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, United Workers sold 42,910 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.56, for a total transaction of $2,083,709.60.
• On Friday, September 4th, United Workers sold 68,783 shares of Amalgamated Financial stock. The shares were sold at an average price of $49.20, for a total value 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 value of $2,207,444.94.
• On Wednesday, September 2nd, United Workers sold 44,244 shares of Amalgamated Financial stock. The stock was 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 value of $709,200.00.

Amalgamated Financial Stock Down 1.4%

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

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

Amalgamated Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Tuesday, November 3rd will be 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 is Tuesday, November 3rd. Amalgamated Financial's dividend payout ratio (DPR) is currently 16.71%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Ethic Inc. lifted its holdings in shares of Amalgamated Financial by 217.4% in the third quarter. Ethic Inc. now owns 30,799 shares of the company's stock valued at $1,465,000 after purchasing an additional 21,094 shares in the last quarter. Abacus Wealth Partners LLC grew its holdings in Amalgamated Financial by 6.9% during the third quarter. Abacus Wealth Partners LLC now owns 47,487 shares of the company's stock worth $2,259,000 after buying an additional 3,081 shares in the last quarter. Compass Financial Management LLC grew its stake in shares of Amalgamated Financial by 558.3% in the 3rd quarter. Compass Financial Management LLC now owns 7,834 shares of the company's stock worth $373,000 after acquiring an additional 6,644 shares in the last quarter. State of Wyoming purchased a new stake in Amalgamated Financial in the 3rd quarter valued at about $71,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Amalgamated Financial by 72.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 15,766 shares of the company's stock valued at $750,000 after acquiring an additional 6,600 shares during the last quarter. Institutional investors own 75.93% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AMAL. Raymond James Financial initiated coverage on shares of Amalgamated Financial in a research report on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price target for the company. Piper Sandler upped their price objective on shares of Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Weiss Ratings lowered shares of Amalgamated Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.00.

About Amalgamated Financial

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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