Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $2,083,709.60 in Stock

Key Points

• Major shareholder States Regional Joint Western sold 42,910 Amalgamated Financial shares at an average price of $48.56, generating $2.08 million. The transaction reduced its position by 17.75% to 198,782 shares, following several additional sales in recent weeks.
• Amalgamated Financial shares closed at $48.22, near their 52-week high of $51.59. The company recently beat quarterly earnings estimates, reporting $1.10 in EPS versus the $1.00 consensus and revenue of $96.1 million.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a $54 price target. The company also pays a quarterly dividend of $0.17 per share, representing a 1.4% yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder States Regional Joint Western sold 42,910 shares of the company's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $48.56, for a total value of $2,083,709.60. Following the completion of the sale, the insider owned 198,782 shares of the company's stock, valued at approximately $9,652,853.92. This trade represents a 17.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• 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 transaction of $2,207,444.94.
• 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 transaction 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 transaction 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 Price Performance

Shares of NASDAQ AMAL traded down $0.95 during trading on Tuesday, hitting $48.22. The company had a trading volume of 242,943 shares, compared to its average volume of 164,061. The company has a market cap of $1.44 billion, a P/E ratio of 12.86 and a beta of 0.79. Amalgamated Financial Corp. has a 52 week low of $25.13 and a 52 week high of $51.59. The business's 50-day moving average is $48.43 and its 200 day moving average is $43.58. 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 (NASDAQ:AMAL - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.10. The business had revenue of $96.10 million during the quarter, compared to analyst estimates of $92.09 million. Amalgamated Financial had a return on equity of 14.30% and a net margin of 23.34%. Equities research analysts predict that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

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

Institutional Investors Weigh In On Amalgamated Financial

A number of institutional investors have recently bought and sold shares of AMAL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Amalgamated Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company's stock valued at $306,000 after acquiring an additional 468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Amalgamated Financial by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company's stock valued at $1,872,000 after buying an additional 9,500 shares during the period. Jane Street Group LLC grew its holdings in shares of Amalgamated Financial by 373.1% during the 1st quarter. Jane Street Group LLC now owns 44,284 shares of the company's stock valued at $1,273,000 after acquiring an additional 34,923 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Amalgamated Financial by 11.6% in the second quarter. Legal & General Group Plc now owns 21,476 shares of the company's stock worth $670,000 after acquiring an additional 2,231 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Amalgamated Financial by 27.9% during the second quarter. Rhumbline Advisers now owns 35,442 shares of the company's stock worth $1,106,000 after acquiring an additional 7,741 shares in the last quarter. 75.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on AMAL shares. Raymond James Financial initiated coverage on shares of Amalgamated Financial in a report on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 target price for the company. Zacks Research upgraded shares of Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 25th. Weiss Ratings raised shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods lifted their price objective on shares of Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Finally, Piper Sandler boosted their target price 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. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.00.

Amalgamated Financial Company Profile

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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