Bank of America Corp DE Boosts Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Bank of America Corp DE boosted its position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 36.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 76,888 shares of the company’s stock after purchasing an additional 20,679 shares during the quarter. Bank of America Corp DE owned approximately 0.25% of Amalgamated Financial worth $2,573,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in Amalgamated Financial during the fourth quarter worth $38,000. New York State Teachers Retirement System purchased a new stake in Amalgamated Financial during the 4th quarter worth about $55,000. KLP Kapitalforvaltning AS acquired a new position in Amalgamated Financial in the 4th quarter valued at about $90,000. US Bancorp DE raised its stake in Amalgamated Financial by 28.1% in the 4th quarter. US Bancorp DE now owns 2,962 shares of the company’s stock valued at $99,000 after purchasing an additional 650 shares during the last quarter. Finally, Midwest Professional Planners LTD. purchased a new position in Amalgamated Financial in the 4th quarter valued at about $210,000. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Tyrone Graham sold 3,317 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $30.50, for a total transaction of $101,168.50. Following the transaction, the executive vice president now directly owns 11,449 shares in the company, valued at approximately $349,194.50. This represents a 22.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 4,926 shares of company stock worth $145,600. 1.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Amalgamated Financial Price Performance

NASDAQ:AMAL opened at $30.36 on Monday. The firm has a market cap of $928.71 million, a price-to-earnings ratio of 8.80 and a beta of 0.86. 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 company’s 50-day moving average is $28.63 and its two-hundred day moving average is $32.00. Amalgamated Financial Corp. has a 12-month low of $24.02 and a 12-month high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last released its earnings results on Thursday, April 24th. The company reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The firm had revenue of $79.69 million for the quarter, compared to the consensus estimate of $74.78 million. During the same period in the prior year, the business posted $0.89 earnings per share. Research analysts expect that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial declared that its board has authorized a stock buyback program on Monday, March 10th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Amalgamated Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Tuesday, May 6th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $0.56 annualized dividend and a yield of 1.84%. Amalgamated Financial’s dividend payout ratio (DPR) is presently 16.62%.

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.