Amalgamated Financial (NASDAQ:AMAL) Stock Price Expected to Rise, Piper Sandler Analyst Says

Amalgamated Financial (NASDAQ:AMAL) had its target price raised by Piper Sandler from $39.00 to $42.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Amalgamated Financial Trading Down 0.1 %

Shares of NASDAQ AMAL opened at $35.86 on Wednesday. Amalgamated Financial has a twelve month low of $21.33 and a twelve month high of $38.19. The firm has a market cap of $1.10 billion, a PE ratio of 10.55 and a beta of 0.91. The business has a fifty day simple moving average of $34.32 and a two-hundred day simple moving average of $30.66. 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 released its quarterly earnings data on Thursday, October 24th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.08. The firm had revenue of $111.76 million during the quarter, compared to the consensus estimate of $79.50 million. Amalgamated Financial had a return on equity of 16.00% and a net margin of 24.19%. During the same period in the previous year, the company posted $0.76 earnings per share. Analysts expect that Amalgamated Financial will post 3.46 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.48 dividend on an annualized basis and a yield of 1.34%. Amalgamated Financial’s dividend payout ratio is currently 14.12%.

Insider Activity

In other news, major shareholder United Workers sold 31,844 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $35.77, for a total value of $1,139,059.88. Following the completion of the sale, the insider now owns 7,512,731 shares of the company’s stock, valued at $268,730,387.87. This trade represents a 0.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder United Canada Council Workers sold 82,464 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $31.05, for a total value of $2,560,507.20. Following the transaction, the insider now directly owns 440,401 shares in the company, valued at $13,674,451.05. This represents a 15.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 718,890 shares of company stock worth $24,995,731. 0.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amalgamated Financial

Large investors have recently modified their holdings of the business. Rhumbline Advisers grew its position in Amalgamated Financial by 1.3% during the 2nd quarter. Rhumbline Advisers now owns 29,996 shares of the company’s stock worth $822,000 after purchasing an additional 393 shares during the last quarter. US Bancorp DE lifted its stake in shares of Amalgamated Financial by 28.4% during the third quarter. US Bancorp DE now owns 2,312 shares of the company’s stock worth $73,000 after buying an additional 512 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in shares of Amalgamated Financial by 12.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 4,816 shares of the company’s stock valued at $126,000 after buying an additional 528 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Amalgamated Financial by 1.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 36,364 shares of the company’s stock valued at $996,000 after acquiring an additional 616 shares during the period. Finally, Quest Partners LLC raised its stake in Amalgamated Financial by 6.9% in the 2nd quarter. Quest Partners LLC now owns 10,028 shares of the company’s stock worth $275,000 after acquiring an additional 646 shares during the last quarter. Hedge funds and other institutional investors own 75.93% of the company’s stock.

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.