Rhumbline Advisers Has $796,000 Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Rhumbline Advisers lowered its stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,701 shares of the company’s stock after selling 1,220 shares during the quarter. Rhumbline Advisers owned about 0.09% of Amalgamated Financial worth $796,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mariner LLC acquired a new stake in Amalgamated Financial during the fourth quarter worth approximately $262,000. BNP Paribas Financial Markets bought a new stake in Amalgamated Financial during the fourth quarter worth $1,402,000. Bank of America Corp DE lifted its stake in Amalgamated Financial by 36.8% during the fourth quarter. Bank of America Corp DE now owns 76,888 shares of the company’s stock worth $2,573,000 after purchasing an additional 20,679 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Amalgamated Financial during the fourth quarter worth $804,000. Finally, Man Group plc bought a new stake in Amalgamated Financial during the fourth quarter worth $721,000. Institutional investors and hedge funds own 75.93% of the company’s stock.

Analyst Ratings Changes

AMAL has been the subject of a number of research reports. Keefe, Bruyette & Woods dropped their price target on Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Piper Sandler cut Amalgamated Financial from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $42.00 to $38.00 in a research note on Friday, February 21st.

Amalgamated Financial Stock Performance

Shares of Amalgamated Financial stock opened at $30.00 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $29.47 and a two-hundred day moving average price of $31.47. Amalgamated Financial Corp. has a 1-year low of $24.74 and a 1-year high of $38.19. The company has a market cap of $917.70 million, a P/E ratio of 8.90 and a beta of 0.86.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.88 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.88. The firm had revenue of $79.69 million during the quarter, compared to the consensus estimate of $74.78 million. Amalgamated Financial had a return on equity of 15.68% and a net margin of 23.99%. During the same period last year, the business posted $0.89 EPS. As a group, analysts anticipate that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

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

Amalgamated Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Tuesday, May 6th were paid a $0.14 dividend. The ex-dividend date was Tuesday, May 6th. This represents a $0.56 annualized dividend and a dividend yield of 1.87%. Amalgamated Financial’s dividend payout ratio is presently 16.62%.

Amalgamated Financial Company 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.