Amalgamated Financial (NASDAQ:AMAL) Trading Down 5.1% – Time to Sell?

Amalgamated Financial Corp. (NASDAQ:AMAL)’s share price was down 5.1% during mid-day trading on Thursday . The stock traded as low as $34.34 and last traded at $34.73. Approximately 49,509 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 148,965 shares. The stock had previously closed at $36.60.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AMAL shares. Piper Sandler raised their price objective on shares of Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $41.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Amalgamated Financial Stock Performance

The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.08 billion, a PE ratio of 10.39 and a beta of 0.93. The firm’s 50-day simple moving average is $34.83 and its 200-day simple moving average is $32.84.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%. On average, research analysts predict that Amalgamated Financial Corp. will post 3.46 earnings per share for the current year.

Amalgamated Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, February 11th. This represents a $0.56 annualized dividend and a dividend yield of 1.59%. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s payout ratio is currently 14.12%.

Insider Buying and Selling

In other Amalgamated Financial news, CFO Jason Darby sold 4,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $36.59, for a total value of $146,360.00. Following the completion of the transaction, the chief financial officer now directly owns 50,208 shares in the company, valued at approximately $1,837,110.72. The trade was a 7.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder States Regional Joint Western sold 175,000 shares of Amalgamated Financial stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $37.24, for a total transaction of $6,517,000.00. Following the completion of the transaction, the insider now directly owns 7,558,575 shares in the company, valued at approximately $281,481,333. The trade was a 2.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 591,849 shares of company stock valued at $21,099,252 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Amalgamated Financial

A number of large investors have recently made changes to their positions in the business. R Squared Ltd purchased a new position in Amalgamated Financial during the 4th quarter worth $38,000. SG Americas Securities LLC boosted its holdings in Amalgamated Financial by 35.8% in the fourth quarter. SG Americas Securities LLC now owns 21,379 shares of the company’s stock worth $716,000 after acquiring an additional 5,640 shares in the last quarter. Ballentine Partners LLC grew its stake in shares of Amalgamated Financial by 15.8% during the fourth quarter. Ballentine Partners LLC now owns 16,712 shares of the company’s stock worth $559,000 after acquiring an additional 2,283 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Amalgamated Financial during the fourth quarter valued at about $34,000. Finally, JPMorgan Chase & Co. raised its position in shares of Amalgamated Financial by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company’s stock valued at $17,806,000 after purchasing an additional 89,444 shares during the last quarter. 75.93% of the stock is owned by institutional investors and hedge funds.

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.