Amalgamated Financial (NASDAQ:AMAL) Sets New 1-Year High - Still a Buy?

Key Points

• Amalgamated Financial reached a new 52-week high of $51.62, with shares last trading near $51.51 and a market capitalization of approximately $1.55 billion.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $54.00 target price; recent targets range from $53.00 to $55.00.
• The company beat quarterly earnings expectations with EPS of $1.14 versus $1.08 expected and declared a $0.17 quarterly dividend, but insiders have sold 1.72 million shares worth roughly $83 million over the past three months.

Amalgamated Financial Corp. (NASDAQ:AMAL - Get Free Report) reached a new 52-week high on Tuesday. The company traded as high as $51.62 and last traded at $51.51, with a volume of 111,263 shares changing hands. The stock had previously closed at $50.88.

Wall Street Analyst Weigh In

Several brokerages have commented on AMAL. Keefe, Bruyette & Woods lifted their target price on Amalgamated Financial from $53.00 to $54.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Weiss Ratings lowered Amalgamated Financial from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday. Raymond James Financial initiated coverage on Amalgamated Financial in a research note on Thursday, September 3rd. They issued an "outperform" rating and a $55.00 price target for the company. Finally, Piper Sandler increased their price target on Amalgamated Financial from $48.00 to $53.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Amalgamated Financial Price Performance

The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.66 and a beta of 0.81. 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 business has a 50 day moving average price of $48.00 and a 200-day moving average price of $43.47.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last announced its earnings results on Thursday, October 22nd. The company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.08 by $0.06. Amalgamated Financial had a return on equity of 15.00% and a net margin of 24.57%. The company had revenue of $99.17 million for the quarter, compared to analyst estimates of $99.26 million. Research analysts predict that Amalgamated Financial Corp. will post 4.10 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Tuesday, November 3rd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $0.68 annualized dividend and a yield of 1.3%. Amalgamated Financial's payout ratio is 16.71%.

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, major shareholder States Regional Joint Western sold 234,128 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $47.88, for a total transaction of $11,210,048.64. Following the transaction, the insider directly owned 399,567 shares in the company, valued at approximately $19,131,267.96. This represents a 36.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder United Workers sold 234,128 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $47.88, for a total transaction of $11,210,048.64. Following the sale, the insider directly owned 399,567 shares of the company's stock, valued at approximately $19,131,267.96. This trade represents a 36.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,724,705 shares of company stock worth $83,009,328. Insiders own 1.63% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC bought a new stake in Amalgamated Financial in the second quarter valued at $2,259,000. Empowered Funds LLC acquired a new position in shares of Amalgamated Financial during the second quarter valued at about $6,459,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Amalgamated Financial during the 2nd quarter worth about $1,298,000. GSA Capital Partners LLP bought a new position in shares of Amalgamated Financial during the 2nd quarter worth about $1,905,000. Finally, Avalon Trust Co bought a new position in shares of Amalgamated Financial during the 2nd quarter worth about $2,203,000. 75.93% of the stock is owned by institutional investors.

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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