United Workers Sells 228,284 Shares of Amalgamated Financial (NASDAQ:AMAL) Stock

Key Points

• United Workers sold 228,284 Amalgamated Financial shares at an average price of $47.84, generating approximately $10.9 million. The sale reduced its remaining stake by 37.96% to 373,022 shares.
• Amalgamated Financial reported quarterly EPS of $1.10, beating estimates by $0.10, while revenue of $96.1 million also exceeded expectations. The company pays a quarterly dividend of $0.17, equivalent to a 1.4% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $54 versus the recent share price of $46.99.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) major shareholder United Workers sold 228,284 shares of the business's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $47.84, for a total value of $10,921,106.56. Following the completion of the sale, the insider owned 373,022 shares in the company, valued at $17,845,372.48. This represents a 37.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own more than 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 Friday, September 11th, United Workers sold 234,128 shares of Amalgamated Financial stock. The stock was 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 stock was 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 stock was 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 value of $2,132,118.36.
• On Tuesday, September 1st, United Workers 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.
• 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 value of $3,538,504.20.

Amalgamated Financial Price Performance

Amalgamated Financial stock traded down $0.79 during mid-day trading on Tuesday, hitting $46.99. 235,460 shares of the company traded hands, compared to its average volume of 168,863. The stock has a fifty day moving average price of $48.60 and a 200-day moving average price of $43.87. 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 stock has a market cap of $1.41 billion, a price-to-earnings ratio of 12.53 and a beta of 0.79. Amalgamated Financial Corp. has a one year low of $25.13 and a one year high of $51.59.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $92.09 million. On average, equities analysts predict that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

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

Hedge Funds Weigh In On Amalgamated Financial

Hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Amalgamated Financial during the second quarter worth about $156,331,000. Bank of America Corp DE purchased a new position in Amalgamated Financial during the 2nd quarter valued at about $7,771,000. Bank of New York Mellon Corp purchased a new position in Amalgamated Financial during the 2nd quarter valued at about $6,931,000. Empowered Funds LLC bought a new position in Amalgamated Financial during the 2nd quarter valued at approximately $6,459,000. Finally, Bessemer Group Inc. raised its position in Amalgamated Financial by 46.6% during the 1st quarter. Bessemer Group Inc. now owns 150,263 shares of the company's stock valued at $5,841,000 after purchasing an additional 47,770 shares during the last quarter. Hedge funds and other institutional investors own 75.93% of the company's stock.

Analyst Ratings Changes

AMAL has been the subject of a number of recent research reports. Piper Sandler boosted their target price on Amalgamated Financial from $48.00 to $53.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods increased their target price 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. Weiss Ratings upgraded shares of Amalgamated Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Zacks Research upgraded shares of Amalgamated Financial from a "strong sell" rating to a "hold" rating in a research report on Thursday, June 25th. Finally, Raymond James Financial began coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They set an "outperform" rating and a $55.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $54.00.

About Amalgamated Financial

Amalgamated Financial Corporation is the holding company for Amalgamated Bank, a full-service commercial bank founded in 1923 by the Amalgamated Clothing Workers of America. The bank provides banking and financial services to consumers, businesses, nonprofit organizations, labor unions, political organizations and other mission-driven institutions.

Its products and services include commercial and consumer deposit accounts, lending, cash management, payment processing, online and mobile banking, investment management and related treasury services.

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