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

Key Points

• United Workers sold 79,649 Amalgamated Financial shares at an average price of $47.91, generating approximately $3.82 million and reducing its position by 40.07% to 119,133 shares. The shareholder has also made several other large sales since August 31.
• AMAL shares traded at $47.86, with the stock near its 52-week high of $51.59. The company recently beat quarterly earnings expectations, reporting $1.10 in EPS versus the $1.00 consensus and $96.1 million in revenue.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $54.00. Amalgamated Financial also pays a quarterly dividend of $0.17 per share, equivalent to a 1.4% annual yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder United Workers sold 79,649 shares of the company's stock in a transaction dated 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 owned 119,133 shares in the company, valued at $5,707,662.03. The trade was a 40.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• 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 value 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 stock was sold at an average price of $47.28, for a total transaction of $709,200.00.
• On Monday, August 31st, United Workers sold 73,535 shares of Amalgamated Financial stock. The shares were sold at an average price of $48.12, for a total transaction of $3,538,504.20.

Amalgamated Financial Stock Performance

Shares of AMAL traded down $0.66 during trading hours on Friday, hitting $47.86. The stock had a trading volume of 493,525 shares, compared to its average volume of 166,743. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.63 and a current ratio of 0.64. The firm has a 50-day moving average price of $48.54 and a 200 day moving average price of $43.74. Amalgamated Financial Corp. has a fifty-two week low of $25.13 and a fifty-two week high of $51.59. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 12.76 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.00 by $0.10. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. The company had revenue of $96.10 million for the quarter, compared to analyst estimates of $92.09 million. As a group, research analysts anticipate that Amalgamated Financial Corp. will post 4.06 EPS for the current year.

Amalgamated Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Tuesday, August 4th were paid 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 of this dividend was Tuesday, August 4th. Amalgamated Financial's dividend payout ratio is presently 18.13%.

Institutional Trading of Amalgamated Financial

Several large investors have recently made changes to their positions in AMAL. Integrated Wealth Concepts LLC acquired a new position in Amalgamated Financial in the 2nd quarter valued at $30,000. Arizona State Retirement System purchased a new position in Amalgamated Financial in the 2nd quarter valued at $227,000. Amundi acquired a new stake in Amalgamated Financial during the 2nd quarter worth $228,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Amalgamated Financial during the 2nd quarter worth $421,000. Finally, California State Teachers Retirement System grew its holdings in shares of Amalgamated Financial by 4,999.4% during the second quarter. California State Teachers Retirement System now owns 837,124 shares of the company's stock worth $38,424,000 after buying an additional 820,708 shares in the last quarter. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Raymond James Financial assumed coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price target for the company. Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a 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. Finally, Piper Sandler upped their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average 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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