Harrington Investments INC Buys 1,310 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Harrington Investments INC boosted its stake in Amalgamated Financial Corp. (NASDAQ:AMAL) by 1.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 80,510 shares of the company’s stock after buying an additional 1,310 shares during the quarter. Amalgamated Financial comprises 1.5% of Harrington Investments INC’s holdings, making the stock its 22nd largest holding. Harrington Investments INC’s holdings in Amalgamated Financial were worth $2,695,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Congress Asset Management Co. purchased a new stake in shares of Amalgamated Financial in the 4th quarter worth about $5,339,000. Charles Schwab Investment Management Inc. boosted its stake in Amalgamated Financial by 219.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 162,047 shares of the company’s stock worth $5,083,000 after acquiring an additional 111,357 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Amalgamated Financial by 18.7% during the third 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 in the last quarter. Figure 8 Investment Strategies LLC bought a new position in shares of Amalgamated Financial during the fourth quarter valued at approximately $2,778,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Amalgamated Financial in the 4th quarter worth approximately $2,244,000. 75.93% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Tyrone Graham sold 3,317 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $30.50, for a total transaction of $101,168.50. Following the transaction, the executive vice president now directly owns 11,449 shares of the company’s stock, valued at $349,194.50. This represents a 22.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Maryann Bruce sold 4,403 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $33.77, for a total value of $148,689.31. Following the completion of the transaction, the director now owns 18,319 shares in the company, valued at approximately $618,632.63. This trade represents a 19.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,916 shares of company stock valued at $1,035,526 in the last 90 days. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on AMAL. Piper Sandler lowered Amalgamated Financial from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $42.00 to $38.00 in a research report on Friday, February 21st. Keefe, Bruyette & Woods raised their price target on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Amalgamated Financial Trading Up 2.7 %

NASDAQ:AMAL opened at $29.14 on Friday. Amalgamated Financial Corp. has a 52 week low of $21.33 and a 52 week high of $38.19. The stock has a market cap of $894.22 million, a price-to-earnings ratio of 8.45 and a beta of 0.93. The company’s 50 day moving average price is $33.69 and its 200-day moving average price is $33.61. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10.

Amalgamated Financial (NASDAQ:AMAL) last posted its earnings results on Thursday, January 23rd. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. On average, equities research analysts forecast that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial announced that its board has initiated a share buyback plan on Monday, March 10th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Amalgamated Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.56 annualized dividend and a yield of 1.92%. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s dividend payout ratio is currently 16.23%.

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.