Insider Selling: Amalgamated Financial (NASDAQ:AMAL) Major Shareholder Sells $3,384,123.60 in Stock

Key Points

• Major shareholder United Workers sold 68,783 Amalgamated Financial shares for approximately $3.38 million, reducing its direct ownership by 23.12% to 228,674 shares. The shareholder also reported several additional sales in recent days.
• Amalgamated Financial shares traded at $48.22, while the company reported quarterly EPS of $1.10 and revenue of $96.1 million, exceeding analyst estimates.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and a $54 average price target; the company also pays a quarterly dividend of $0.17, equivalent to a 1.4% annual yield.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder United Workers sold 68,783 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $49.20, for a total value of $3,384,123.60. Following the completion of the transaction, the insider directly owned 228,674 shares in the company, valued at $11,250,760.80. This represents a 23.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Major 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, September 8th, United Workers 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 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 shares were sold at an average price of $48.19, for a total value 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 value of $709,200.00.
• On Monday, August 31st, United Workers 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 Stock Performance

Shares of NASDAQ:AMAL traded down $0.95 during trading on Tuesday, hitting $48.22. 242,943 shares of the stock traded hands, compared to its average volume of 164,061. The company has a quick ratio of 0.63, a current ratio of 0.64 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 12.86 and a beta of 0.79. The company has a fifty day moving average price of $48.43 and a two-hundred day moving average price of $43.58. Amalgamated Financial Corp. has a 52-week low of $25.13 and a 52-week high of $51.59.

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

Amalgamated Financial Announces Dividend

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

Hedge Funds Weigh In On Amalgamated Financial

Several hedge funds and other institutional investors have recently made changes to their positions in AMAL. BlackRock Inc. purchased a new stake in shares of Amalgamated Financial during the second quarter worth approximately $156,331,000. Vanguard Group Inc. raised its stake in Amalgamated Financial by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company's stock valued at $45,943,000 after purchasing an additional 49,037 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Amalgamated Financial by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,407,173 shares of the company's stock valued at $38,205,000 after purchasing an additional 54,885 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Amalgamated Financial by 14.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company's stock valued at $30,552,000 after purchasing an additional 120,483 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in Amalgamated Financial by 4,999.4% during the 2nd quarter. California State Teachers Retirement System now owns 837,124 shares of the company's stock worth $38,424,000 after purchasing an additional 820,708 shares during the last quarter. Hedge funds and other institutional investors own 75.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AMAL. Keefe, Bruyette & Woods raised their target price on Amalgamated Financial from $53.00 to $54.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Piper Sandler increased their price target on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings raised Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Raymond James Financial initiated coverage on Amalgamated Financial in a research report on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price objective for the company. Finally, Zacks Research raised Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, June 25th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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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