Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 79,649 Shares

Key Points

• Major shareholder States Regional Joint Western sold 79,649 Amalgamated Financial shares at an average price of $47.91, generating approximately $3.82 million. The sale reduced its position by 40.07%, leaving it with 119,133 shares.
• AMAL shares fell 1.4% to $47.86, while the company reported quarterly EPS of $1.10, exceeding the $1.00 analyst consensus, and revenue of $96.1 million versus expectations of $92.09 million.
• Analysts maintain a “Moderate Buy” consensus with a $54 average price target, and Amalgamated Financial recently paid a quarterly dividend of $0.17 per share, equivalent to a 1.4% yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder States Regional Joint Western sold 79,649 shares of the firm's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $47.91, for a total value of $3,815,983.59. Following the completion of the sale, the insider directly owned 119,133 shares of the company's stock, valued at approximately $5,707,662.03. This trade represents a 40.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company's shares 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 shares were 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 stock was sold at an average price of $49.20, for a total value of $3,384,123.60.
• On Thursday, September 3rd, States Regional Joint Western 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, States Regional Joint Western sold 44,244 shares of Amalgamated Financial stock. The stock was 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 shares were 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 transaction of $3,538,504.20.

Amalgamated Financial Stock Down 1.4%

AMAL stock traded down $0.66 during midday trading on Friday, reaching $47.86. The company had a trading volume of 493,525 shares, compared to its average volume of 166,743. The company has a 50 day moving average of $48.54 and a two-hundred day moving average of $43.74. The company has a market capitalization of $1.43 billion, a P/E ratio of 12.76 and a beta of 0.79. Amalgamated Financial Corp. has a 1 year low of $25.13 and a 1 year high of $51.59. 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 (NASDAQ:AMAL - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.10. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%.The firm had revenue of $96.10 million during the quarter, compared to analysts' expectations of $92.09 million. On average, equities research analysts expect that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AMAL. Hsbc Holdings PLC acquired a new position in shares of Amalgamated Financial during the second quarter valued at about $2,259,000. Empowered Funds LLC acquired a new stake in Amalgamated Financial during the second quarter worth about $6,459,000. Vanguard Group Inc. increased its stake in Amalgamated Financial by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company's stock valued at $45,943,000 after acquiring an additional 49,037 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Amalgamated Financial during the second quarter valued at about $1,298,000. Finally, Avalon Trust Co acquired a new position in Amalgamated Financial in the 2nd quarter valued at approximately $2,203,000. 75.93% of the stock is owned by institutional investors.

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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