Figure 8 Investment Strategies LLC Acquires Shares of 67,308 Amalgamated Financial Corp. $AMAL

Figure 8 Investment Strategies LLC bought a new position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 67,308 shares of the company’s stock, valued at approximately $3,089,000. Amalgamated Financial accounts for about 2.6% of Figure 8 Investment Strategies LLC’s holdings, making the stock its 11th largest position.

A number of other large investors have also modified their holdings of AMAL. Osaic Holdings Inc. lifted its stake in shares of Amalgamated Financial by 56.7% in the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock worth $34,000 after buying an additional 391 shares in the last quarter. Arax Advisory Partners grew its stake in Amalgamated Financial by 187.1% during the 4th quarter. Arax Advisory Partners now owns 1,269 shares of the company’s stock valued at $41,000 after acquiring an additional 827 shares in the last quarter. Royal Bank of Canada raised its holdings in Amalgamated Financial by 143.8% in the 1st quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock valued at $57,000 after acquiring an additional 876 shares during the last quarter. CWM LLC raised its holdings in Amalgamated Financial by 41.2% in the 4th quarter. CWM LLC now owns 1,880 shares of the company’s stock valued at $60,000 after acquiring an additional 549 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Amalgamated Financial by 140.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,014 shares of the company’s stock worth $63,000 after purchasing an additional 1,177 shares in the last quarter. Hedge funds and other institutional investors own 75.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AMAL. Keefe, Bruyette & Woods boosted their target price on Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Weiss Ratings upgraded Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 5th. Piper Sandler boosted their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Zacks Research upgraded Amalgamated Financial from a “strong sell” rating to a “hold” rating in a report on Thursday, June 25th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.50.

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, Director Maryann Bruce sold 2,138 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $49.55, for a total transaction of $105,937.90. Following the completion of the sale, the director owned 17,804 shares of the company’s stock, valued at $882,188.20. This trade represents a 10.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the chief financial officer owned 79,343 shares in the company, valued at $3,435,551.90. This represents a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 9,727 shares of company stock worth $431,077. Insiders own 1.63% of the company’s stock.

Amalgamated Financial Price Performance

Amalgamated Financial stock opened at $50.18 on Wednesday. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $47.33 and a 200 day moving average price of $42.78. Amalgamated Financial Corp. has a 12-month low of $25.13 and a 12-month high of $51.59. The stock has a market cap of $1.50 billion, a P/E ratio of 13.38 and a beta of 0.79.

Amalgamated Financial (NASDAQ:AMAL) last posted its earnings results on Thursday, July 23rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. The company had revenue of $96.10 million for the quarter, compared to analyst estimates of $92.09 million. Sell-side analysts anticipate that Amalgamated Financial Corp. will post 4.06 earnings per share for the current year.

Amalgamated Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Tuesday, August 4th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $0.68 dividend on an annualized basis and a yield of 1.4%. Amalgamated Financial’s dividend payout ratio is currently 18.13%.

Amalgamated Financial Company Profile

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.