Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 44,658 Shares

Key Points

• Major shareholder States Regional Joint Western sold 44,658 Amalgamated Financial shares at an average price of $49.43, receiving about $2.21 million. The sale reduced its holdings by 13.99% to 274,475 shares.
• AMAL shares recently traded at $48.22, while the company reported quarterly EPS of $1.10 and revenue of $96.1 million, exceeding analyst expectations. Analysts maintain a “Moderate Buy” consensus with a $54 average price target.
• Amalgamated Financial declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 1.4% yield; institutional investors own approximately 75.93% of the company.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder States Regional Joint Western sold 44,658 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $49.43, for a total transaction of $2,207,444.94. Following the transaction, the insider owned 274,475 shares of the company's stock, valued at $13,567,299.25. This represents a 13.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

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

• 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 value of $2,083,709.60.
• On Friday, September 4th, States Regional Joint Western 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 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 value of $2,132,118.36.
• On Tuesday, September 1st, States Regional Joint Western sold 15,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $47.28, for a total value of $709,200.00.
• On Monday, August 31st, States Regional Joint Western 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

NASDAQ:AMAL traded down $0.95 during trading hours on Tuesday, reaching $48.22. The company had a trading volume of 242,943 shares, compared to its average volume of 164,061. 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 Corp. has a 1-year low of $25.13 and a 1-year high of $51.59. The business's 50 day moving average price is $48.43 and its 200-day moving average price is $43.58. The firm has a market cap of $1.44 billion, a PE ratio of 12.86 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $92.09 million. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. Research analysts forecast that Amalgamated Financial Corp. will post 4.06 EPS for the current year.

Amalgamated Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Tuesday, August 4th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. Amalgamated Financial's dividend payout ratio is 18.13%.

Institutional Trading of Amalgamated Financial

Several institutional investors have recently modified their holdings of AMAL. Arizona State Retirement System acquired a new stake in shares of Amalgamated Financial in the second quarter valued at about $227,000. Amundi acquired a new position in shares of Amalgamated Financial during the 2nd quarter worth about $228,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Amalgamated Financial in the 2nd quarter valued at about $421,000. California State Teachers Retirement System lifted its stake in Amalgamated Financial by 4,999.4% in the 2nd quarter. California State Teachers Retirement System now owns 837,124 shares of the company's stock valued at $38,424,000 after buying an additional 820,708 shares in the last quarter. Finally, Compass Financial Management LLC acquired a new stake in Amalgamated Financial in the 2nd quarter worth about $59,000. Institutional investors and hedge funds own 75.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler lifted their price objective on shares of Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Zacks Research upgraded Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 25th. Weiss Ratings upgraded Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods raised their price objective on Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Finally, Raymond James Financial assumed coverage on Amalgamated Financial in a research report on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Amalgamated Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

About Amalgamated Financial

Amalgamated Financial Corp. NASDAQ: AMAL is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.

In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.

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