Amalgamated Financial (NASDAQ:AMAL) Sets New 1-Year High – Here’s Why

Amalgamated Financial Corp. (NASDAQ:AMAL) reached a new 52-week high during trading on Wednesday . The stock traded as high as $36.56 and last traded at $36.56, with a volume of 4553 shares traded. The stock had previously closed at $33.35.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $35.00 price objective (up from $30.00) on shares of Amalgamated Financial in a research report on Monday, July 29th.

Amalgamated Financial Stock Down 7.4 %

The company’s 50 day moving average is $32.38 and its 200 day moving average is $29.04. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.12. The company has a market cap of $1.08 billion, a PE ratio of 10.39 and a beta of 0.91.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.83 by $0.08. Amalgamated Financial had a return on equity of 16.53% and a net margin of 24.19%. The company had revenue of $111.76 million for the quarter, compared to the consensus estimate of $79.50 million. During the same period last year, the business posted $0.76 EPS. As a group, analysts predict that Amalgamated Financial Corp. will post 3.46 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.48 annualized dividend and a dividend yield of 1.36%. Amalgamated Financial’s payout ratio is currently 14.12%.

Insider Buying and Selling

In other Amalgamated Financial news, major shareholder States Regional Joint Western sold 175,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $37.24, for a total transaction of $6,517,000.00. Following the transaction, the insider now owns 7,558,575 shares of the company’s stock, valued at approximately $281,481,333. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Amalgamated Financial news, major shareholder States Regional Joint Western sold 175,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $37.24, for a total transaction of $6,517,000.00. Following the completion of the sale, the insider now owns 7,558,575 shares in the company, valued at $281,481,333. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder United Canada Council Workers sold 44,577 shares of Amalgamated Financial stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $29.97, for a total value of $1,335,972.69. Following the completion of the transaction, the insider now owns 384,980 shares in the company, valued at $11,537,850.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 501,428 shares of company stock valued at $17,113,663 over the last three months. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. raised its stake in Amalgamated Financial by 17.4% in the second quarter. American Century Companies Inc. now owns 428,745 shares of the company’s stock valued at $11,748,000 after buying an additional 63,561 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of Amalgamated Financial in the 1st quarter valued at approximately $909,000. LSV Asset Management acquired a new stake in Amalgamated Financial in the 2nd quarter worth approximately $1,378,000. Deerfield Management Company L.P. Series C purchased a new stake in Amalgamated Financial during the 2nd quarter worth approximately $1,219,000. Finally, Lazard Asset Management LLC increased its stake in Amalgamated Financial by 63.0% during the 1st quarter. Lazard Asset Management LLC now owns 15,600 shares of the company’s stock valued at $373,000 after purchasing an additional 6,030 shares in the last quarter. Hedge funds and other 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.