Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells 30,000 Shares of Stock

Key Points

• Major shareholder States Regional Joint Western sold 30,000 Amalgamated Financial shares at an average of $49.97, for about $1.5 million, reducing its stake by 0.43% to approximately 6.89 million shares.
• AMAL shares were down 1.4% to $49.89 in Tuesday trading. The company’s latest quarterly EPS of $1.14 beat the $1.08 consensus estimate, while revenue of $99.17 million was slightly below expectations.
• Amalgamated Financial announced a quarterly dividend of $0.17 per share, equivalent to a 1.4% annual yield. Analysts’ average rating is “Moderate Buy,” with a $54 average price target.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder States Regional Joint Western sold 30,000 shares of the firm's stock in a transaction on Friday, October 30th. The shares were sold at an average price of $49.97, for a total transaction of $1,499,100.00. Following the completion of the transaction, the insider directly owned 6,886,216 shares in the company, valued at approximately $344,104,213.52. This represents a 0.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases 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 stock was sold at an average price of $50.81, for a total transaction of $1,524,300.00.
• On Monday, September 14th, States Regional Joint Western sold 228,284 shares of Amalgamated Financial stock. The shares were 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 shares were 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 stock was sold at an average price of $47.91, for a total value 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 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 shares were 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 shares were 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.

Amalgamated Financial Stock Down 1.4%

Amalgamated Financial stock traded down $0.71 during midday trading on Tuesday, hitting $49.89. 155,330 shares of the company were exchanged, compared to its average volume of 220,777. The company's fifty day moving average price is $48.16 and its 200-day moving average price is $43.98. The company has a market cap of $1.49 billion, a PE ratio of 12.26 and a beta of 0.76. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.64 and a quick ratio of 0.63. Amalgamated Financial Corp. has a fifty-two week low of $26.61 and a fifty-two week high of $52.30.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $1.14 earnings per share (EPS) 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 company had revenue of $99.17 million during the quarter, compared to the consensus estimate of $99.26 million. On average, research analysts predict that Amalgamated Financial Corp. will post 4.13 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, November 3rd. Amalgamated Financial's payout ratio is presently 16.71%.

Hedge Funds Weigh In On Amalgamated Financial

A number of large investors have recently bought and sold shares of AMAL. BlackRock Inc. bought a new stake in shares of Amalgamated Financial in the 2nd quarter worth approximately $156,331,000. Bank of America Corp DE acquired a new position in shares of Amalgamated Financial during the second quarter worth approximately $7,771,000. Bank of New York Mellon Corp acquired a new position in shares of Amalgamated Financial during the second quarter worth approximately $6,931,000. Empowered Funds LLC bought a new position in Amalgamated Financial in the 2nd quarter worth approximately $6,459,000. Finally, Globeflex Capital L P bought a new position in Amalgamated Financial in the 2nd quarter worth approximately $4,746,000. Institutional investors own 75.93% of the company's stock.

Analyst Upgrades and Downgrades

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

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