Raymond James Financial Inc. Takes Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Raymond James Financial Inc. purchased a new position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 67,035 shares of the company's stock, valued at approximately $2,244,000. Raymond James Financial Inc. owned about 0.22% of Amalgamated Financial at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AMAL. USA Financial Formulas acquired a new stake in shares of Amalgamated Financial during the fourth quarter worth $34,000. R Squared Ltd acquired a new stake in Amalgamated Financial in the 4th quarter worth about $38,000. New York State Teachers Retirement System bought a new stake in Amalgamated Financial in the 4th quarter valued at about $55,000. KLP Kapitalforvaltning AS acquired a new position in shares of Amalgamated Financial during the 4th quarter worth approximately $90,000. Finally, US Bancorp DE increased its holdings in shares of Amalgamated Financial by 28.1% during the fourth quarter. US Bancorp DE now owns 2,962 shares of the company's stock worth $99,000 after purchasing an additional 650 shares during the period. 75.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AMAL shares. Keefe, Bruyette & Woods cut their price target on Amalgamated Financial from $41.00 to $39.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Piper Sandler downgraded Amalgamated Financial from an "overweight" rating to a "neutral" rating and cut their target price for the company from $42.00 to $38.00 in a research report on Friday, February 21st.

Amalgamated Financial Price Performance

Shares of Amalgamated Financial stock traded down $0.12 on Tuesday, reaching $29.45. 188,396 shares of the stock were exchanged, compared to its average volume of 186,370. The firm's 50 day moving average is $28.38 and its 200-day moving average is $32.55. The firm has a market cap of $903.73 million, a PE ratio of 8.54 and a beta of 0.86. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. Amalgamated Financial Corp. has a one year low of $24.02 and a one year high of $38.19.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.88 earnings per share for the quarter, meeting analysts' consensus estimates of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The firm had revenue of $79.69 million for the quarter, compared to the consensus estimate of $74.78 million. During the same quarter last year, the business posted $0.89 EPS. As a group, analysts anticipate that Amalgamated Financial Corp. will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Tuesday, May 6th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, May 6th. Amalgamated Financial's payout ratio is 16.62%.

Amalgamated Financial declared that its Board of Directors has approved a share repurchase program on Monday, March 10th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Transactions at Amalgamated Financial

In related news, major shareholder States Regional Joint Western sold 1,327 shares of the business's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $34.29, for a total transaction of $45,502.83. Following the sale, the insider now owns 7,121,506 shares in the company, valued at $244,196,440.74. The trade was a 0.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Tyrone Graham sold 869 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $29.73, for a total value of $25,835.37. Following the completion of the transaction, the executive vice president now owns 10,580 shares of the company's stock, valued at $314,543.40. This represents a 7.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,253 shares of company stock valued at $288,573. 1.29% of the stock is currently owned by insiders.

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.