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

Key Points

• Major shareholder United Workers sold 30,000 Amalgamated Financial shares at an average $50.81 each, totaling about $1.52 million. It retained 6.86 million shares, and the sale reduced its stake by 0.44%.
• The bank reported quarterly earnings of $1.14 per share, beating analysts’ $1.08 estimate, while revenue of $99.17 million was slightly below expectations.
• Amalgamated Financial announced a quarterly dividend of $0.17 per share (an annualized $0.68), equivalent to a 1.4% yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder United Workers sold 30,000 shares of the 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 completion of the sale, the insider directly owned 6,856,216 shares of the company's stock, valued at $348,364,334.96. This represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company's stock 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 stock was sold at an average price of $50.02, for a total transaction of $800,320.00.
• On Friday, October 30th, United Workers sold 30,000 shares of Amalgamated Financial stock. The stock was sold at an average price of $49.97, for a total transaction of $1,499,100.00.
• 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 transaction of $10,921,106.56.
• On Friday, September 11th, United Workers sold 234,128 shares of Amalgamated Financial stock. The shares were 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 shares were 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 transaction 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 transaction 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 stock was sold at an average price of $47.28, for a total transaction of $709,200.00.

Amalgamated Financial Stock Performance

Shares of AMAL traded down $0.71 during trading hours on Tuesday, reaching $49.89. 155,330 shares of the company traded hands, compared to its average volume of 220,777. The stock's fifty day moving average is $48.16 and its 200 day moving average is $43.98. The stock has a market cap of $1.49 billion, a P/E ratio of 12.56 and a beta of 0.76. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. Amalgamated Financial Corp. has a 1-year low of $26.61 and a 1-year high of $52.30.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its earnings results on Thursday, October 22nd. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.06. Amalgamated Financial had a net margin of 24.57% and a return on equity of 15.00%. The business had revenue of $99.17 million during the quarter, compared to analysts' expectations of $99.26 million. Equities research analysts anticipate 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. Investors of record on Tuesday, November 3rd will be paid 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 is presently 16.71%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Amalgamated Financial in the 2nd quarter valued at $156,331,000. Bank of America Corp DE bought a new stake in shares of Amalgamated Financial in the 2nd quarter worth about $7,771,000. Bank of New York Mellon Corp acquired a new stake in shares of Amalgamated Financial during the 2nd quarter worth about $6,931,000. Empowered Funds LLC acquired a new stake in shares of Amalgamated Financial during the 2nd quarter worth about $6,459,000. Finally, Globeflex Capital L P acquired a new stake in shares of Amalgamated Financial during the 2nd quarter worth about $4,746,000. 75.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Weiss Ratings downgraded shares of Amalgamated Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 23rd. Piper Sandler increased their price objective on shares of Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Raymond James Financial started coverage on shares of Amalgamated Financial in a research note on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price objective for the company. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.