Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 92,809 Shares of Stock

Key Points

• Major shareholder States Regional Joint Western sold 92,809 Amalgamated Financial shares at an average $50.86 each, worth about $4.72 million. Afterward, it retained approximately 6.75 million shares.
• Amalgamated Financial reported quarterly EPS of $1.14, beating the $1.08 analyst consensus; revenue was $99.17 million, slightly below expectations.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 1.4% yield. Analysts’ average rating was “Moderate Buy,” with a $54 price target.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder States Regional Joint Western sold 92,809 shares of the company's stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $50.86, for a total value of $4,720,265.74. Following the sale, the insider directly owned 6,747,407 shares of the company's stock, valued at approximately $343,173,120.02. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more 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, November 3rd, States Regional Joint Western sold 16,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $50.02, for a total transaction of $800,320.00.
• On Monday, November 2nd, States Regional Joint Western sold 30,000 shares of Amalgamated Financial stock. The shares were sold at an average price of $50.81, for a total value of $1,524,300.00.
• On Friday, October 30th, States Regional Joint Western sold 30,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.97, for a total value of $1,499,100.00.
• On Monday, September 14th, States Regional Joint Western 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, 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 value of $11,210,048.64.
• On Wednesday, September 9th, States Regional Joint Western sold 79,649 shares of Amalgamated Financial stock. The shares were 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 stock was sold at an average price of $48.19, for a total value of $2,132,118.36.

Amalgamated Financial Stock Down 2.9%

AMAL stock opened at $49.36 on Friday. The business has a 50-day simple moving average of $48.22 and a 200 day simple moving average of $44.14. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.07. 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 $1.47 billion, a PE ratio of 12.61 and a beta of 0.76.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its earnings results on Thursday, October 22nd. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.06. The business had revenue of $99.17 million during the quarter, compared to analysts' expectations of $99.26 million. Amalgamated Financial had a return on equity of 14.91% and a net margin of 24.57%. Sell-side analysts anticipate that Amalgamated Financial Corp. will post 4.13 EPS 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 given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. Amalgamated Financial's dividend payout ratio (DPR) is currently 16.71%.

Hedge Funds Weigh In On Amalgamated Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMAL. R Squared Ltd boosted its stake in Amalgamated Financial by 13.1% during the third quarter. R Squared Ltd now owns 16,214 shares of the company's stock valued at $771,000 after buying an additional 1,880 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Amalgamated Financial by 4.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 17,835 shares of the company's stock worth $853,000 after acquiring an additional 751 shares during the last quarter. Ethic Inc. increased its stake in Amalgamated Financial by 217.4% in the 3rd quarter. Ethic Inc. now owns 30,799 shares of the company's stock worth $1,465,000 after acquiring an additional 21,094 shares during the last quarter. Abacus Wealth Partners LLC raised its holdings in shares of Amalgamated Financial by 6.9% in the 3rd quarter. Abacus Wealth Partners LLC now owns 47,487 shares of the company's stock valued at $2,259,000 after acquiring an additional 3,081 shares in the last quarter. Finally, Compass Financial Management LLC raised its holdings 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 valued at $373,000 after acquiring an additional 6,644 shares in the last quarter. Institutional investors own 75.93% of the company's stock.

Wall Street Analysts Forecast Growth

AMAL has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Amalgamated Financial from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, October 23rd. Keefe, Bruyette & Woods increased their target price on shares of Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Raymond James Financial started coverage on shares of Amalgamated Financial in a research note on Thursday, September 3rd. They set an "outperform" rating and a $55.00 price target for the company. Finally, Piper Sandler lifted their price target 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. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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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