Amalgamated Financial (NASDAQ:AMAL) Sets New 1-Year High Following Dividend Announcement

Amalgamated Financial Corp. (NASDAQ:AMAL)’s stock price reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $48.67 and last traded at $47.2650, with a volume of 320 shares. The stock had previously closed at $47.56.

The newly announced dividend which will be paid on Thursday, August 20th. Stockholders of record on Tuesday, August 4th will be given a $0.17 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. Amalgamated Financial’s dividend payout ratio (DPR) is presently 19.77%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings downgraded Amalgamated Financial from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Zacks Research upgraded Amalgamated Financial from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 25th. Finally, Piper Sandler lifted their price objective on shares of Amalgamated Financial from $44.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Amalgamated Financial has an average rating of “Hold” and a consensus target price of $48.00.

Amalgamated Financial Price Performance

The company has a market capitalization of $1.40 billion, a P/E ratio of 13.65 and a beta of 0.79. The company has a fifty day moving average price of $44.11 and a 200 day moving average price of $40.79. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.64 and a quick ratio of 0.64.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.15). Amalgamated Financial had a return on equity of 13.89% and a net margin of 22.33%.The company had revenue of $91.36 million for the quarter, compared to analyst estimates of $91.16 million. On average, sell-side analysts forecast that Amalgamated Financial Corp. will post 3.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Amalgamated Financial news, CFO Jason Darby sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $43.30, for a total value of $129,900.00. Following the sale, the chief financial officer directly owned 79,343 shares in the company, valued at approximately $3,435,551.90. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Maryann Bruce sold 2,089 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $41.39, for a total transaction of $86,463.71. Following the transaction, the director directly owned 19,942 shares of the company’s stock, valued at approximately $825,399.38. This trade represents a 9.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,589 shares of company stock valued at $325,139 over the last three months. Company insiders own 1.63% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AMAL. Bank of America Corp DE increased its stake in shares of Amalgamated Financial by 9.7% in the first quarter. Bank of America Corp DE now owns 164,680 shares of the company’s stock valued at $6,401,000 after purchasing an additional 14,621 shares during the period. Royal Bank of Canada boosted its position in shares of Amalgamated Financial by 143.8% during the first quarter. Royal Bank of Canada now owns 1,485 shares of the company’s stock worth $57,000 after buying an additional 876 shares during the period. Empowered Funds LLC boosted its position in shares of Amalgamated Financial by 6.1% during the first quarter. Empowered Funds LLC now owns 134,342 shares of the company’s stock worth $5,222,000 after buying an additional 7,698 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Amalgamated Financial by 51.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,549 shares of the company’s stock worth $410,000 after buying an additional 3,597 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new position in Amalgamated Financial in the 1st quarter worth approximately $380,000. Institutional investors own 75.93% of the company’s stock.

About Amalgamated Financial

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.