Amalgamated Financial (NASDAQ:AMAL) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Amalgamated Financial (NASDAQ:AMAL) from a strong sell rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler lifted their target price on shares of Amalgamated Financial from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday. Weiss Ratings upgraded shares of Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Amalgamated Financial has an average rating of “Hold” and an average target price of $48.00.

Amalgamated Financial Stock Up 2.5%

Shares of NASDAQ AMAL opened at $46.95 on Thursday. Amalgamated Financial has a one year low of $25.13 and a one year high of $47.17. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.64 and a quick ratio of 0.64. The firm’s 50 day simple moving average is $42.29 and its two-hundred day simple moving average is $38.95. The stock has a market capitalization of $1.40 billion, a P/E ratio of 13.65 and a beta of 0.80.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.15). Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The business had revenue of $91.36 million for the quarter, compared to analysts’ expectations of $91.16 million. As a group, analysts expect that Amalgamated Financial will post 3.92 EPS for the current fiscal year.

Amalgamated Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Tuesday, May 5th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Amalgamated Financial’s dividend payout ratio is 19.77%.

Insider Activity

In related news, CFO Jason Darby sold 3,000 shares of Amalgamated Financial stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $43.30, for a total value of $129,900.00. Following the transaction, the chief financial officer directly owned 79,343 shares of the company’s stock, valued at $3,435,551.90. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Maryann Bruce sold 2,089 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $41.39, for a total transaction of $86,463.71. Following the sale, the director owned 19,942 shares of the company’s stock, valued at $825,399.38. This represents a 9.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,285 shares of company stock worth $550,124 over the last ninety days. Company insiders own 1.63% of the company’s stock.

Hedge Funds Weigh In On Amalgamated Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Amalgamated Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock worth $306,000 after purchasing an additional 468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Amalgamated Financial by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,110 shares of the company’s stock valued at $1,872,000 after purchasing an additional 9,500 shares during the period. Jane Street Group LLC increased its holdings in Amalgamated Financial by 373.1% during the 1st quarter. Jane Street Group LLC now owns 44,284 shares of the company’s stock valued at $1,273,000 after purchasing an additional 34,923 shares during the period. Legal & General Group Plc raised its position in Amalgamated Financial by 11.6% during the 2nd quarter. Legal & General Group Plc now owns 21,476 shares of the company’s stock valued at $670,000 after purchasing an additional 2,231 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Amalgamated Financial by 27.9% during the 2nd quarter. Rhumbline Advisers now owns 35,442 shares of the company’s stock valued at $1,106,000 after purchasing an additional 7,741 shares during the last quarter. 75.93% of the stock is owned by institutional investors.

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.