Amalgamated Financial (NASDAQ:AMAL) Sets New 12-Month High – What’s Next?

Amalgamated Financial Corp. (NASDAQ:AMAL)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $50.93 and last traded at $50.90, with a volume of 82164 shares trading hands. The stock had previously closed at $50.01.

Analysts Set New Price Targets

AMAL has been the subject of several research reports. Weiss Ratings raised Amalgamated Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Zacks Research raised Amalgamated Financial from a “strong sell” rating to a “hold” rating in a report on Thursday, June 25th. Piper Sandler increased their price objective on Amalgamated Financial from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lifted their target price on Amalgamated Financial from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.50.

Amalgamated Financial Stock Performance

The stock’s 50-day simple moving average is $46.86 and its 200-day simple moving average is $42.52. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 13.53 and a beta of 0.79. The company has a current ratio of 0.64, a quick ratio of 0.63 and a debt-to-equity ratio of 0.08.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The company had revenue of $96.10 million during the quarter, compared to the consensus estimate of $92.09 million. Amalgamated Financial had a net margin of 23.34% and a return on equity of 14.30%. Analysts forecast that Amalgamated Financial Corp. will post 4.06 earnings per share for the current fiscal year.

Amalgamated Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Tuesday, August 4th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $0.68 annualized dividend and a yield of 1.3%. Amalgamated Financial’s payout ratio is currently 18.13%.

Insider Buying and Selling at Amalgamated Financial

In related news, Director Maryann Bruce sold 2,138 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $49.55, for a total value of $105,937.90. Following the transaction, the director owned 17,804 shares in the company, valued at approximately $882,188.20. This trade represents a 10.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Leslie Veluswamy sold 2,500 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $43.51, for a total value of $108,775.00. Following the completion of the transaction, the chief accounting officer owned 14,215 shares in the company, valued at $618,494.65. The trade was a 14.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 9,727 shares of company stock valued at $431,077 in the last three months. Corporate insiders own 1.63% of the company’s stock.

Institutional Investors Weigh In On Amalgamated Financial

Large investors have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its position in shares of Amalgamated Financial by 11.0% in the 4th quarter. Quadrant Capital Group LLC now owns 3,136 shares of the company’s stock valued at $100,000 after buying an additional 312 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Amalgamated Financial by 3.4% during the 3rd quarter. Intech Investment Management LLC now owns 11,628 shares of the company’s stock worth $316,000 after acquiring an additional 383 shares in the last quarter. Osaic Holdings Inc. increased its stake in Amalgamated Financial by 56.7% in the second quarter. Osaic Holdings Inc. now owns 1,080 shares of the company’s stock valued at $34,000 after acquiring an additional 391 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Amalgamated Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,654 shares of the company’s stock valued at $306,000 after acquiring an additional 468 shares during the last quarter. Finally, CWM LLC increased its stake in Amalgamated Financial by 41.2% in the fourth quarter. CWM LLC now owns 1,880 shares of the company’s stock valued at $60,000 after acquiring an additional 549 shares during the last quarter. 75.93% of the stock is currently owned by institutional investors and hedge funds.

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.