Wells Fargo & Company MN Buys 2,289 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Wells Fargo & Company MN raised its stake in Amalgamated Financial Corp. (NASDAQ:AMAL) by 27.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,508 shares of the company’s stock after purchasing an additional 2,289 shares during the period. Wells Fargo & Company MN’s holdings in Amalgamated Financial were worth $352,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC raised its position in shares of Amalgamated Financial by 91.7% during the third quarter. Barclays PLC now owns 119,165 shares of the company’s stock worth $3,739,000 after purchasing an additional 57,008 shares during the period. Tidal Investments LLC bought a new stake in Amalgamated Financial during the 3rd quarter valued at $496,000. JPMorgan Chase & Co. increased its stake in Amalgamated Financial by 18.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company’s stock valued at $17,806,000 after purchasing an additional 89,444 shares in the last quarter. USA Financial Formulas acquired a new position in Amalgamated Financial during the fourth quarter worth $34,000. Finally, Ballentine Partners LLC lifted its stake in shares of Amalgamated Financial by 15.8% in the fourth quarter. Ballentine Partners LLC now owns 16,712 shares of the company’s stock valued at $559,000 after buying an additional 2,283 shares in the last quarter. Institutional investors and hedge funds own 75.93% of the company’s stock.

Amalgamated Financial Price Performance

Shares of NASDAQ:AMAL opened at $29.57 on Tuesday. Amalgamated Financial Corp. has a 1-year low of $24.02 and a 1-year high of $38.19. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. The stock has a market cap of $907.41 million, a PE ratio of 8.57 and a beta of 0.86. The stock’s fifty day simple moving average is $28.44 and its two-hundred day simple moving average is $32.57.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings results on Thursday, April 24th. The company reported $0.88 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.88. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. The company had revenue of $79.69 million for the quarter, compared to analyst estimates of $74.78 million. During the same period last year, the firm earned $0.89 earnings per share. As a group, analysts forecast that Amalgamated Financial Corp. will post 3.65 EPS for the current fiscal year.

Amalgamated Financial declared that its board has authorized a share buyback plan on Monday, March 10th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Amalgamated Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Tuesday, May 6th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, May 6th. Amalgamated Financial’s dividend payout ratio is presently 16.62%.

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, EVP Sean Searby sold 3,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $32.49, for a total value of $97,470.00. Following the completion of the transaction, the executive vice president now owns 17,639 shares in the company, valued at $573,091.11. This represents a 14.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tyrone Graham sold 869 shares of the firm’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 sale, the executive vice president now directly owns 10,580 shares of the company’s stock, valued at approximately $314,543.40. This represents a 7.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,253 shares of company stock valued at $288,573. 1.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on AMAL shares. Keefe, Bruyette & Woods decreased their target price on shares of Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Piper Sandler lowered Amalgamated Financial from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

About Amalgamated Financial

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.