Connor Clark & Lunn Investment Management Ltd. Sells 6,310 Shares of Amalgamated Financial Corp. $AMAL

Connor Clark & Lunn Investment Management Ltd. reduced its position in Amalgamated Financial Corp. (NASDAQ:AMAL) by 6.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 94,372 shares of the company’s stock after selling 6,310 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Amalgamated Financial were worth $2,944,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Alliancebernstein L.P. raised its stake in shares of Amalgamated Financial by 1,738.5% in the 1st quarter. Alliancebernstein L.P. now owns 767,438 shares of the company’s stock valued at $22,064,000 after buying an additional 725,695 shares in the last quarter. Boston Trust Walden Corp acquired a new position in Amalgamated Financial in the second quarter worth about $16,974,000. Adage Capital Partners GP L.L.C. boosted its holdings in Amalgamated Financial by 35.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 740,642 shares of the company’s stock valued at $21,293,000 after purchasing an additional 192,577 shares in the last quarter. Nuveen LLC bought a new stake in shares of Amalgamated Financial in the 1st quarter valued at approximately $3,416,000. Finally, Allianz Asset Management GmbH raised its holdings in shares of Amalgamated Financial by 33.1% in the 1st quarter. Allianz Asset Management GmbH now owns 348,543 shares of the company’s stock worth $10,021,000 after buying an additional 86,714 shares in the last quarter. Institutional investors own 75.93% of the company’s stock.

Insider Transactions at Amalgamated Financial

In related news, EVP Sean Searby sold 4,106 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $29.77, for a total value of $122,235.62. Following the transaction, the executive vice president owned 12,303 shares in the company, valued at $366,260.31. This trade represents a 25.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Julie Kelly sold 6,697 shares of Amalgamated Financial stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $27.34, for a total value of $183,095.98. Following the completion of the sale, the director owned 16,763 shares of the company’s stock, valued at approximately $458,300.42. The trade was a 28.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,961 shares of company stock worth $837,329 in the last quarter. 1.29% of the stock is owned by corporate insiders.

Amalgamated Financial Price Performance

Shares of AMAL stock opened at $28.12 on Friday. Amalgamated Financial Corp. has a 52 week low of $25.03 and a 52 week high of $37.86. The stock has a market capitalization of $841.91 million, a PE ratio of 8.47 and a beta of 0.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.64 and a current ratio of 0.64. The stock’s fifty day moving average is $27.56 and its 200-day moving average is $29.36.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings results on Monday, December 19th. The company reported $0.46 earnings per share (EPS) for the quarter. The business had revenue of $49.68 million for the quarter. Amalgamated Financial had a net margin of 22.97% and a return on equity of 14.75%. Equities research analysts expect that Amalgamated Financial Corp. will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Wednesday, November 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, November 5th. Amalgamated Financial’s payout ratio is 16.87%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Piper Sandler cut Amalgamated Financial from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $34.00 to $27.00 in a research report on Tuesday, August 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Amalgamated Financial in a report on Thursday, October 30th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $33.00.

Amalgamated Financial 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.