Amalgamated Financial (NASDAQ:AMAL) Sets New 52-Week High at $32.88

Amalgamated Financial Corp. (NASDAQ:AMAL)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $32.88 and last traded at $32.88, with a volume of 29072 shares traded. The stock had previously closed at $31.05.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AMAL shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $35.00 target price (up previously from $30.00) on shares of Amalgamated Financial in a report on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on shares of Amalgamated Financial from $31.50 to $32.50 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler reissued an “overweight” rating and issued a $29.00 target price (up from $28.00) on shares of Amalgamated Financial in a research note on Friday, April 26th.

Amalgamated Financial Price Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.64 and a current ratio of 0.64. The firm has a 50-day moving average of $28.54 and a 200-day moving average of $25.59. The firm has a market capitalization of $989.59 million, a P/E ratio of 10.15 and a beta of 0.94.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.06. Amalgamated Financial had a net margin of 23.64% and a return on equity of 16.67%. The company had revenue of $108.22 million for the quarter, compared to analysts’ expectations of $77.33 million. During the same quarter in the previous year, the business posted $0.72 earnings per share. As a group, analysts predict that Amalgamated Financial Corp. will post 3.21 EPS for the current year.

Amalgamated Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Tuesday, August 6th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.48%. Amalgamated Financial’s dividend payout ratio (DPR) is presently 15.69%.

Insider Activity

In related news, CFO Jason Darby sold 4,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $27.02, for a total transaction of $108,080.00. Following the sale, the chief financial officer now owns 56,470 shares in the company, valued at approximately $1,525,819.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Amalgamated Financial

Several hedge funds have recently added to or reduced their stakes in AMAL. Point72 Asset Management L.P. boosted its position in shares of Amalgamated Financial by 49.7% during the second quarter. Point72 Asset Management L.P. now owns 11,680 shares of the company’s stock valued at $320,000 after buying an additional 3,880 shares during the period. Creative Planning purchased a new position in Amalgamated Financial during the 2nd quarter valued at $311,000. Algert Global LLC increased its stake in Amalgamated Financial by 3.2% in the second quarter. Algert Global LLC now owns 77,129 shares of the company’s stock worth $2,113,000 after purchasing an additional 2,360 shares during the period. Deerfield Management Company L.P. Series C bought a new stake in shares of Amalgamated Financial during the second quarter worth $1,219,000. Finally, Bank of Montreal Can purchased a new stake in shares of Amalgamated Financial during the second quarter valued at $378,000. 75.93% of the stock is currently owned by 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.