Amalgamated Financial (NASDAQ:AMAL) Hits New 52-Week High – Here’s What Happened

Amalgamated Financial Corp. (NASDAQ:AMAL) reached a new 52-week high on Monday . The company traded as high as $45.20 and last traded at $44.86, with a volume of 149363 shares changing hands. The stock had previously closed at $44.65.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AMAL. Piper Sandler boosted their target price on Amalgamated Financial from $41.00 to $44.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, Zacks Research lowered Amalgamated Financial from a “hold” rating to a “strong sell” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Amalgamated Financial currently has a consensus rating of “Hold” and an average price target of $44.00.

Amalgamated Financial Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.64 and a current ratio of 0.64. The business has a 50 day moving average price of $41.75 and a two-hundred day moving average price of $38.19. The company has a market cap of $1.31 billion, a P/E ratio of 12.78 and a beta of 0.80.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.80 earnings per share 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 during the quarter, compared to analysts’ expectations of $91.16 million. On average, sell-side analysts anticipate that Amalgamated Financial Corp. will post 3.92 earnings per share for the current year.

Amalgamated Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Tuesday, May 5th were issued a $0.17 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.68 annualized dividend and a yield of 1.5%. Amalgamated Financial’s dividend payout ratio (DPR) is 19.77%.

Insiders Place Their Bets

In other Amalgamated Financial news, Director Maryann Bruce sold 2,089 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $41.39, for a total value of $86,463.71. Following the completion of the sale, the director owned 19,942 shares in the company, valued at approximately $825,399.38. This trade represents a 9.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jason Darby sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was 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 of the company’s stock, valued at approximately $3,435,551.90. This trade represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,285 shares of company stock worth $550,124. Corporate insiders own 1.63% of the company’s stock.

Institutional Investors Weigh In On Amalgamated Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Amalgamated Financial by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company’s stock worth $45,943,000 after buying an additional 49,037 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Amalgamated Financial by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,407,173 shares of the company’s stock worth $38,205,000 after buying an additional 54,885 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in Amalgamated Financial by 14.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company’s stock worth $30,552,000 after buying an additional 120,483 shares during the period. American Century Companies Inc. lifted its holdings in Amalgamated Financial by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 589,033 shares of the company’s stock worth $15,992,000 after buying an additional 36,851 shares during the period. Finally, Millennium Management LLC raised its position in shares of Amalgamated Financial by 63.7% in the 3rd quarter. Millennium Management LLC now owns 522,598 shares of the company’s stock worth $14,189,000 after acquiring an additional 203,440 shares in the last quarter. Hedge funds and other institutional investors own 75.93% of the company’s stock.

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.