Principal Financial Group Inc. Cuts Holdings in Amalgamated Financial Corp. $AMAL

Principal Financial Group Inc. lowered its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL) by 33.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,963 shares of the company’s stock after selling 14,782 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Amalgamated Financial worth $786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMAL. Thrivent Financial for Lutherans increased its holdings in Amalgamated Financial by 13.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 158,163 shares of the company’s stock worth $4,294,000 after buying an additional 18,142 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Amalgamated Financial during the 3rd quarter valued at about $816,000. Federated Hermes Inc. grew its stake in shares of Amalgamated Financial by 0.7% in the third quarter. Federated Hermes Inc. now owns 245,935 shares of the company’s stock worth $6,677,000 after acquiring an additional 1,713 shares during the period. Olympiad Research LP purchased a new position in shares of Amalgamated Financial during the third quarter valued at approximately $204,000. Finally, Figure 8 Investment Strategies LLC lifted its position in Amalgamated Financial by 1.1% during the third quarter. Figure 8 Investment Strategies LLC now owns 84,422 shares of the company’s stock valued at $2,292,000 after purchasing an additional 936 shares during the period. 75.93% of the stock is owned by institutional investors.

Insider Activity at Amalgamated Financial

In other news, EVP Sam D. Brown sold 5,151 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $35.50, for a total transaction of $182,860.50. Following the transaction, the executive vice president owned 53,232 shares of the company’s stock, valued at approximately $1,889,736. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on AMAL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Amalgamated Financial in a research report on Monday, December 29th. Piper Sandler raised Amalgamated Financial from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $27.00 to $28.00 in a report on Wednesday, November 19th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $33.50.

Amalgamated Financial Stock Performance

NASDAQ:AMAL opened at $40.76 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.64 and a current ratio of 0.64. The stock has a 50-day simple moving average of $35.93 and a two-hundred day simple moving average of $30.96. The firm has a market capitalization of $1.22 billion, a PE ratio of 11.95 and a beta of 0.84. Amalgamated Financial Corp. has a 52-week low of $25.03 and a 52-week high of $42.65.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, January 22nd. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.08. The company had revenue of $87.91 million for the quarter, compared to the consensus estimate of $85.37 million. Amalgamated Financial had a return on equity of 14.80% and a net margin of 23.05%. Analysts forecast that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Tuesday, February 3rd will be issued a $0.17 dividend. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.14. The ex-dividend date is Tuesday, February 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.7%. Amalgamated Financial’s dividend payout ratio (DPR) is 19.94%.

Amalgamated Financial Company Profile

Amalgamated Financial Corp. (NASDAQ: AMAL) is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.

In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.