Amalgamated Financial (NASDAQ:AMAL) Hits New 12-Month High – Here’s Why
by Mitch Edgeman · The Markets DailyShares of Amalgamated Financial Corp. (NASDAQ:AMAL – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.12 and last traded at $44.0810, with a volume of 11796 shares. The stock had previously closed at $42.70.
Analysts Set New Price Targets
Several analysts have weighed in on AMAL shares. Piper Sandler boosted their price objective on Amalgamated Financial from $41.00 to $44.00 and gave the stock a “neutral” rating in a report 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 cut Amalgamated Financial from a “hold” rating to a “strong sell” rating in a research note on Friday, May 1st. One equities 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 company currently has a consensus rating of “Hold” and an average price target of $44.00.
View Our Latest Analysis on Amalgamated Financial
Amalgamated Financial Trading Up 2.1%
The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.09. The firm has a market cap of $1.30 billion, a P/E ratio of 12.67 and a beta of 0.80. The business has a 50 day moving average of $41.13 and a two-hundred day moving average of $37.55.
Amalgamated Financial (NASDAQ:AMAL – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.15). Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The company had revenue of $91.36 million during the quarter, compared to the consensus estimate of $91.16 million. Analysts predict 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. Investors of record on Tuesday, May 5th were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.68 annualized dividend and a yield of 1.6%. Amalgamated Financial’s dividend payout ratio (DPR) is 19.77%.
Insiders Place Their Bets
In other news, EVP Sean Searby sold 748 shares of Amalgamated Financial stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $40.02, for a total transaction of $29,934.96. Following the sale, the executive vice president directly owned 22,307 shares of the company’s stock, valued at approximately $892,726.14. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.63% of the stock is owned by company insiders.
Institutional Trading of Amalgamated Financial
A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Amalgamated Financial by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 1,434,372 shares of the company’s stock valued at $45,943,000 after purchasing an additional 49,037 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Amalgamated Financial by 4.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,407,173 shares of the company’s stock worth $38,205,000 after acquiring an additional 54,885 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Amalgamated Financial by 14.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 953,859 shares of the company’s stock worth $30,552,000 after acquiring an additional 120,483 shares during the last quarter. American Century Companies Inc. raised its position in shares of Amalgamated Financial by 6.7% during the third quarter. American Century Companies Inc. now owns 589,033 shares of the company’s stock worth $15,992,000 after acquiring an additional 36,851 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Amalgamated Financial by 63.7% during the third 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 during the last quarter. 75.93% of the stock is owned by institutional investors and hedge funds.
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.