Amalgamated Financial (NASDAQ:AMAL) Reaches New 52-Week High – Should You Buy?

Amalgamated Financial Corp. (NASDAQ:AMAL) hit a new 52-week high on Monday . The company traded as high as $41.70 and last traded at $41.77, with a volume of 10713 shares traded. The stock had previously closed at $41.25.

Analyst Ratings Changes

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Amalgamated Financial in a research note on Monday, December 29th. Piper Sandler raised Amalgamated Financial from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $27.00 to $28.00 in a research report on Wednesday, November 19th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.50.

Amalgamated Financial Price Performance

The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.10. The company has a 50 day simple moving average of $34.30 and a 200 day simple moving average of $30.32. The stock has a market cap of $1.26 billion, a P/E ratio of 12.35 and a beta of 0.84.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.08. Amalgamated Financial had a return on equity of 14.80% and a net margin of 23.05%.The firm had revenue of $87.91 million for the quarter, compared to analyst estimates of $85.37 million. Sell-side analysts forecast that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Tuesday, February 3rd will be paid a $0.17 dividend. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.14. The ex-dividend date is Tuesday, February 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.6%. Amalgamated Financial’s dividend payout ratio (DPR) is currently 19.94%.

Insider Buying and Selling

In other news, EVP Sam D. Brown sold 5,151 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $35.50, for a total transaction of $182,860.50. Following the transaction, the executive vice president owned 53,232 shares in the company, valued at approximately $1,889,736. This trade represents a 8.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Amalgamated Financial in the second quarter worth $427,000. AlphaQuest LLC bought a new stake in Amalgamated Financial in the third quarter valued at approximately $816,000. Geode Capital Management LLC increased its position in Amalgamated Financial by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 608,506 shares of the company’s stock valued at $18,988,000 after purchasing an additional 102,166 shares during the period. Truist Financial Corp acquired a new position in shares of Amalgamated Financial in the 2nd quarter worth approximately $256,000. Finally, American Century Companies Inc. boosted its stake in shares of Amalgamated Financial by 4.9% in the 2nd quarter. American Century Companies Inc. now owns 552,182 shares of the company’s stock valued at $17,228,000 after purchasing an additional 26,041 shares during the last quarter. 75.93% of the stock is owned by institutional investors and hedge funds.

About Amalgamated Financial

Amalgamated Financial Corp. (NASDAQ: AMAL) is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.

In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.