Amalgamated Financial’s (AMAL) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Amalgamated Financial (NASDAQ:AMAL) in a research report released on Friday, Benzinga reports. The brokerage currently has a $29.00 price objective on the stock, up from their previous price objective of $28.00.

AMAL has been the topic of a number of other research reports. Keefe, Bruyette & Woods lowered their target price on Amalgamated Financial from $32.00 to $30.00 and set an outperform rating on the stock in a report on Friday, April 5th. JPMorgan Chase & Co. lowered their target price on Amalgamated Financial from $33.00 to $29.50 and set an overweight rating on the stock in a report on Thursday, April 4th.

Amalgamated Financial Stock Performance

Shares of NASDAQ AMAL opened at $24.60 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market cap of $750.30 million, a price-to-earnings ratio of 8.60 and a beta of 0.94. The business’s 50-day simple moving average is $23.19 and its 200-day simple moving average is $22.82. Amalgamated Financial has a 52 week low of $14.05 and a 52 week high of $27.77.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings data on Thursday, January 25th. The company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The company had revenue of $105.39 million for the quarter, compared to analyst estimates of $71.59 million. Amalgamated Financial had a net margin of 22.71% and a return on equity of 16.60%. During the same period in the prior year, the company posted $0.83 EPS. As a group, equities research analysts expect that Amalgamated Financial will post 3.07 earnings per share for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 8th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, May 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.95%. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.10. Amalgamated Financial’s dividend payout ratio (DPR) is 13.99%.

Institutional Trading of Amalgamated Financial

A number of hedge funds have recently modified their holdings of AMAL. Redwood Grove Capital LLC bought a new stake in shares of Amalgamated Financial in the 3rd quarter worth approximately $3,972,000. Dimensional Fund Advisors LP lifted its position in shares of Amalgamated Financial by 13.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,005,772 shares of the company’s stock worth $27,096,000 after acquiring an additional 122,722 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of Amalgamated Financial by 402.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 86,682 shares of the company’s stock worth $2,335,000 after acquiring an additional 69,416 shares during the period. Schroder Investment Management Group lifted its position in shares of Amalgamated Financial by 26.5% in the 3rd quarter. Schroder Investment Management Group now owns 317,107 shares of the company’s stock worth $5,461,000 after acquiring an additional 66,420 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Amalgamated Financial by 178.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 98,865 shares of the company’s stock worth $1,702,000 after acquiring an additional 63,385 shares during the period. Institutional investors own 75.93% of the company’s stock.

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.