Amalgamated Financial (NASDAQ:AMAL) Hits New 12-Month High – Here’s What Happened

Amalgamated Financial Corp. (NASDAQ:AMAL) reached a new 52-week high on Friday . The stock traded as high as $33.34 and last traded at $33.24, with a volume of 49792 shares changing hands. The stock had previously closed at $31.74.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AMAL shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $35.00 target price (up previously from $30.00) on shares of Amalgamated Financial in a research report on Monday, July 29th. JPMorgan Chase & Co. boosted their target price on Amalgamated Financial from $31.50 to $32.50 and gave the company an “overweight” rating in a research report on Thursday, June 27th.

Amalgamated Financial Stock Up 3.3 %

The company has a 50-day simple moving average of $30.74 and a 200 day simple moving average of $27.45. The company has a market cap of $1.00 billion, a P/E ratio of 9.83 and a beta of 0.92. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.12.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.79 by $0.06. The company had revenue of $108.22 million for the quarter, compared to the consensus estimate of $77.33 million. Amalgamated Financial had a return on equity of 16.23% and a net margin of 23.64%. During the same quarter in the prior year, the company posted $0.72 EPS. On average, equities analysts anticipate that Amalgamated Financial Corp. will post 3.33 EPS for the current year.

Amalgamated Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Tuesday, August 6th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Tuesday, August 6th. Amalgamated Financial’s dividend payout ratio is 14.86%.

Insiders Place Their Bets

In other Amalgamated Financial news, major shareholder United Canada Council Workers sold 82,464 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $31.05, for a total value of $2,560,507.20. Following the completion of the sale, the insider now directly owns 440,401 shares in the company, valued at approximately $13,674,451.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Amalgamated Financial

Hedge funds have recently made changes to their positions in the company. CWM LLC lifted its holdings in shares of Amalgamated Financial by 679.7% in the 2nd quarter. CWM LLC now owns 1,380 shares of the company’s stock worth $38,000 after buying an additional 1,203 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Amalgamated Financial by 12.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 4,816 shares of the company’s stock worth $126,000 after purchasing an additional 528 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Amalgamated Financial during the 1st quarter worth $126,000. Acadian Asset Management LLC purchased a new stake in shares of Amalgamated Financial during the 2nd quarter worth $213,000. Finally, Quest Partners LLC lifted its stake in shares of Amalgamated Financial by 6.9% during the 2nd quarter. Quest Partners LLC now owns 10,028 shares of the company’s stock worth $275,000 after purchasing an additional 646 shares during the last quarter. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Amalgamated Financial Company Profile

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.