Amalgamated Financial (NASDAQ:AMAL) Trading Down 5.1% – Here’s What Happened

Amalgamated Financial Corp. (NASDAQ:AMAL)’s share price traded down 5.1% during trading on Thursday . The stock traded as low as $34.34 and last traded at $34.73. 49,509 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 148,965 shares. The stock had previously closed at $36.60.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AMAL. Piper Sandler increased their target price on Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods raised their price objective on shares of Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Amalgamated Financial Trading Up 1.5 %

The stock has a 50-day moving average price of $34.83 and a two-hundred day moving average price of $32.84. The stock has a market capitalization of $1.08 billion, a PE ratio of 10.39 and a beta of 0.93. 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 (NASDAQ:AMAL) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. As a group, equities analysts forecast that Amalgamated Financial Corp. will post 3.46 earnings per share for the current year.

Amalgamated Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, February 11th. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s dividend payout ratio is presently 14.12%.

Insider Activity

In related news, CFO Jason Darby sold 4,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $36.59, for a total transaction of $146,360.00. Following the completion of the transaction, the chief financial officer now directly owns 50,208 shares of the company’s stock, valued at approximately $1,837,110.72. This trade represents a 7.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sean Searby sold 8,000 shares of Amalgamated Financial stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $34.14, for a total transaction of $273,120.00. Following the completion of the sale, the executive vice president now owns 15,802 shares in the company, valued at approximately $539,480.28. This represents a 33.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 591,849 shares of company stock worth $21,099,252 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Amalgamated Financial

Several hedge funds have recently modified their holdings of the company. R Squared Ltd bought a new stake in Amalgamated Financial in the fourth quarter worth $38,000. SG Americas Securities LLC grew its stake in shares of Amalgamated Financial by 35.8% in the 4th quarter. SG Americas Securities LLC now owns 21,379 shares of the company’s stock worth $716,000 after buying an additional 5,640 shares in the last quarter. Ballentine Partners LLC increased its holdings in shares of Amalgamated Financial by 15.8% in the 4th quarter. Ballentine Partners LLC now owns 16,712 shares of the company’s stock worth $559,000 after buying an additional 2,283 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Amalgamated Financial during the 4th quarter valued at about $34,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Amalgamated Financial by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company’s stock valued at $17,806,000 after acquiring an additional 89,444 shares during the last quarter. 75.93% of the stock is owned by hedge funds and other institutional investors.

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.