Amalgamated Financial (NASDAQ:AMAL) Price Target Raised to $32.50 at JPMorgan Chase & Co.

Amalgamated Financial (NASDAQ:AMAL) had its target price lifted by JPMorgan Chase & Co. from $31.50 to $32.50 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently issued reports on the company. Piper Sandler restated an overweight rating and set a $29.00 price objective (up previously from $28.00) on shares of Amalgamated Financial in a report on Friday, April 26th. Keefe, Bruyette & Woods cut their price objective on Amalgamated Financial from $32.00 to $30.00 and set an outperform rating on the stock in a report on Friday, April 5th.

Amalgamated Financial Price Performance

Shares of Amalgamated Financial stock opened at $27.40 on Thursday. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.23. The company’s 50-day moving average price is $25.06 and its two-hundred day moving average price is $24.72. Amalgamated Financial has a 52 week low of $15.19 and a 52 week high of $27.77. The stock has a market cap of $836.25 million, a PE ratio of 8.95 and a beta of 0.93.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings results on Thursday, April 25th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. The firm had revenue of $107.16 million for the quarter, compared to analysts’ expectations of $75.77 million. Amalgamated Financial had a net margin of 23.22% and a return on equity of 16.34%. During the same period in the previous year, the business earned $0.74 earnings per share. As a group, sell-side analysts anticipate that Amalgamated Financial will post 3.13 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 8th were issued a $0.12 dividend. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, May 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.75%. Amalgamated Financial’s dividend payout ratio is currently 15.69%.

Insider Activity

In other news, insider Edgar Romney, Jr. sold 8,269 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $25.25, for a total value of $208,792.25. Following the transaction, the insider now owns 13,856 shares in the company, valued at approximately $349,864. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Sam D. Brown sold 8,994 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $25.47, for a total value of $229,077.18. Following the transaction, the executive vice president now owns 45,970 shares in the company, valued at approximately $1,170,855.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edgar Romney, Jr. sold 8,269 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $25.25, for a total value of $208,792.25. Following the completion of the sale, the insider now directly owns 13,856 shares of the company’s stock, valued at approximately $349,864. The disclosure for this sale can be found here. 0.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Amalgamated Financial

Several large investors have recently made changes to their positions in AMAL. Parallel Advisors LLC grew its stake in shares of Amalgamated Financial by 50.5% in the 4th quarter. Parallel Advisors LLC now owns 1,633 shares of the company’s stock valued at $44,000 after buying an additional 548 shares in the last quarter. AJOVista LLC bought a new stake in shares of Amalgamated Financial in the 4th quarter valued at approximately $94,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Amalgamated Financial in the 1st quarter valued at approximately $126,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Amalgamated Financial by 35.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,310 shares of the company’s stock valued at $170,000 after buying an additional 1,665 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Amalgamated Financial by 20.2% in the 4th quarter. New York State Common Retirement Fund now owns 9,914 shares of the company’s stock valued at $267,000 after buying an additional 1,667 shares in the last quarter. Institutional investors own 75.93% of the company’s stock.

Amalgamated Financial Company Profile

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.