Amalgamated Financial Corp. (NASDAQ:AMAL) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL) by 7.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,901 shares of the company’s stock after selling 671 shares during the quarter. Corebridge Financial Inc.’s holdings in Amalgamated Financial were worth $298,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS acquired a new stake in Amalgamated Financial in the fourth quarter worth about $90,000. American Century Companies Inc. boosted its stake in Amalgamated Financial by 3.6% in the 4th quarter. American Century Companies Inc. now owns 502,848 shares of the company’s stock worth $16,830,000 after purchasing an additional 17,410 shares in the last quarter. Quantbot Technologies LP grew its position in Amalgamated Financial by 212.8% during the 4th quarter. Quantbot Technologies LP now owns 23,768 shares of the company’s stock worth $796,000 after purchasing an additional 16,169 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Amalgamated Financial by 40.4% during the 4th quarter. Teacher Retirement System of Texas now owns 49,791 shares of the company’s stock valued at $1,667,000 after purchasing an additional 14,329 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Amalgamated Financial in the fourth quarter worth $282,000. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $42.00 to $38.00 in a report on Friday, February 21st.

Insider Transactions at Amalgamated Financial

In related news, EVP Tyrone Graham sold 869 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $29.73, for a total value of $25,835.37. Following the completion of the transaction, the executive vice president now directly owns 10,580 shares in the company, valued at $314,543.40. The trade was a 7.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Maryann Bruce sold 4,403 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $33.77, for a total transaction of $148,689.31. Following the sale, the director now owns 18,319 shares in the company, valued at approximately $618,632.63. This represents a 19.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,656 shares of company stock worth $1,054,122 over the last quarter. 0.90% of the stock is currently owned by insiders.

Amalgamated Financial Price Performance

Shares of NASDAQ AMAL opened at $26.24 on Friday. Amalgamated Financial Corp. has a 52 week low of $21.33 and a 52 week high of $38.19. The business’s 50 day moving average price is $30.95 and its 200 day moving average price is $33.09. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The firm has a market cap of $805.23 million, a P/E ratio of 7.61 and a beta of 0.75.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. On average, sell-side analysts expect that Amalgamated Financial Corp. will post 3.65 earnings per share for the current year.

Amalgamated Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, February 11th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.13%. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s dividend payout ratio (DPR) is presently 16.23%.

Amalgamated Financial announced that its Board of Directors has approved a stock repurchase plan on Monday, March 10th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Amalgamated Financial Profile

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.