Millennium Management LLC Sells 30,933 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Millennium Management LLC reduced its stake in Amalgamated Financial Corp. (NASDAQ:AMAL) by 11.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 235,683 shares of the company’s stock after selling 30,933 shares during the period. Millennium Management LLC owned 0.77% of Amalgamated Financial worth $7,888,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AMAL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Amalgamated Financial by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,186 shares of the company’s stock valued at $341,000 after purchasing an additional 372 shares in the last quarter. Sterling Capital Management LLC grew its holdings in Amalgamated Financial by 4.0% during the 4th quarter. Sterling Capital Management LLC now owns 13,175 shares of the company’s stock worth $441,000 after acquiring an additional 512 shares in the last quarter. US Bancorp DE boosted its stake in shares of Amalgamated Financial by 28.1% during the fourth quarter. US Bancorp DE now owns 2,962 shares of the company’s stock valued at $99,000 after purchasing an additional 650 shares in the last quarter. Corton Capital Inc. increased its holdings in Amalgamated Financial by 12.3% during the fourth quarter. Corton Capital Inc. now owns 7,596 shares of the company’s stock valued at $254,000 after buying an additional 831 shares during the period. Finally, Aquatic Capital Management LLC increased its holdings in Amalgamated Financial by 8.5% during the fourth quarter. Aquatic Capital Management LLC now owns 11,282 shares of the company’s stock valued at $378,000 after buying an additional 882 shares during the period. 75.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Transactions at Amalgamated Financial

In other Amalgamated Financial news, EVP Tyrone Graham sold 869 shares of Amalgamated Financial stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $29.73, for a total transaction of $25,835.37. Following the completion of the transaction, the executive vice president now owns 10,580 shares in the company, valued at approximately $314,543.40. The trade was a 7.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sean Searby sold 3,000 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 17,639 shares in the company, valued at approximately $573,091.11. The trade was a 14.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,926 shares of company stock worth $243,070. 1.29% of the stock is currently owned by insiders.

Amalgamated Financial Stock Down 0.2%

Shares of AMAL stock opened at $29.57 on Tuesday. Amalgamated Financial Corp. has a twelve month low of $24.02 and a twelve month 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 50 day moving average of $28.56 and a 200 day moving average of $32.17. The stock has a market cap of $904.55 million, a P/E ratio of 8.57 and a beta of 0.86.

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

Amalgamated Financial Dividend Announcement

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

Amalgamated Financial announced that its Board of Directors has authorized a share buyback plan on Monday, March 10th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

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.