Amalgamated Financial's (AMAL) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Amalgamated Financial (NASDAQ:AMAL - Free Report) in a research note released on Friday, Benzinga reports. They currently have a $29.00 target price on the stock, up from their prior target price of $28.00.

Several other brokerages also recently commented on AMAL. JPMorgan Chase & Co. reduced their target price on Amalgamated Financial from $33.00 to $29.50 and set an overweight rating for the company in a report on Thursday, April 4th. Keefe, Bruyette & Woods reduced their price objective on shares of Amalgamated Financial from $32.00 to $30.00 and set an outperform rating for the company in a research note on Friday, April 5th.

Amalgamated Financial Price Performance

Shares of AMAL traded up $0.71 during mid-day trading on Friday, hitting $24.60. The company's stock had a trading volume of 145,668 shares, compared to its average volume of 145,418. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a 50-day moving average price of $23.19 and a 200 day moving average price of $22.82. Amalgamated Financial has a fifty-two week low of $14.05 and a fifty-two week high of $27.77. The stock has a market capitalization of $750.30 million, a price-to-earnings ratio of 8.60 and a beta of 0.94.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its earnings results on Thursday, January 25th. The company reported $0.72 earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.01). The business had revenue of $105.39 million for the quarter, compared to the consensus estimate of $71.59 million. Amalgamated Financial had a return on equity of 16.60% and a net margin of 22.71%. During the same quarter in the previous year, the business posted $0.83 earnings per share. On average, research analysts predict that Amalgamated Financial will post 3.07 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 8th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Tuesday, May 7th. This is a boost from Amalgamated Financial's previous quarterly dividend of $0.10. Amalgamated Financial's dividend payout ratio (DPR) is 13.99%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in shares of Amalgamated Financial during the third quarter worth approximately $137,000. Bank of New York Mellon Corp grew its holdings in shares of Amalgamated Financial by 33.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 167,441 shares of the company's stock valued at $2,883,000 after acquiring an additional 42,171 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Amalgamated Financial by 3.9% in the third quarter. Brown Advisory Inc. now owns 862,875 shares of the company's stock worth $14,859,000 after acquiring an additional 32,733 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Amalgamated Financial in the third quarter worth $200,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Amalgamated Financial by 178.6% during the third quarter. Assenagon Asset Management S.A. now owns 98,865 shares of the company's stock worth $1,702,000 after acquiring an additional 63,385 shares in the last quarter. Hedge funds and other institutional investors own 75.93% of the company's stock.

About Amalgamated Financial

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.