Amalgamated Financial (NASDAQ:AMAL) Sees Large Volume Increase Following Earnings Beat

Shares of Amalgamated Financial Corp. (NASDAQ:AMAL) saw an uptick in trading volume on Thursday following a stronger than expected earnings report. 246,969 shares changed hands during mid-day trading, an increase of 78% from the previous session’s volume of 138,908 shares.The stock last traded at $30.94 and had previously closed at $31.88.

The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $108.22 million during the quarter, compared to the consensus estimate of $77.33 million. Amalgamated Financial had a return on equity of 16.67% and a net margin of 23.64%. During the same period last year, the business posted $0.72 earnings per share.

Amalgamated Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Tuesday, August 6th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Tuesday, August 6th. Amalgamated Financial’s payout ratio is 15.69%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. 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 report on Friday, April 26th. JPMorgan Chase & Co. raised their price target on Amalgamated Financial from $31.50 to $32.50 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods dropped their price objective on Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, April 5th.

Insider Buying and Selling at Amalgamated Financial

In other Amalgamated Financial news, EVP Sam D. Brown sold 8,994 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $25.47, for a total transaction of $229,077.18. Following the sale, the executive vice president now owns 45,970 shares in the company, valued at $1,170,855.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Edgar Romney, Jr. sold 8,269 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $25.25, for a total transaction of $208,792.25. Following the transaction, the insider now owns 13,856 shares in the company, valued at approximately $349,864. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sam D. Brown sold 8,994 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $25.47, for a total value of $229,077.18. Following the transaction, the executive vice president now owns 45,970 shares in the company, valued at approximately $1,170,855.90. The disclosure for this sale can be found here. Insiders have sold 21,263 shares of company stock worth $545,949 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Amalgamated Financial

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in shares of Amalgamated Financial by 13.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,005,772 shares of the company’s stock worth $27,096,000 after purchasing an additional 122,722 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Amalgamated Financial by 402.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 86,682 shares of the company’s stock worth $2,335,000 after purchasing an additional 69,416 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Amalgamated Financial by 74.7% in the 4th quarter. Federated Hermes Inc. now owns 114,154 shares of the company’s stock worth $3,075,000 after purchasing an additional 48,812 shares in the last quarter. Isthmus Partners LLC boosted its position in shares of Amalgamated Financial by 38.8% in the 1st quarter. Isthmus Partners LLC now owns 136,397 shares of the company’s stock worth $3,274,000 after purchasing an additional 38,112 shares in the last quarter. Finally, Tidal Investments LLC bought a new stake in shares of Amalgamated Financial in the 1st quarter worth approximately $909,000. 75.93% of the stock is owned by institutional investors.

Amalgamated Financial Stock 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 business has a 50-day moving average price of $26.79 and a 200 day moving average price of $25.09. The stock has a market capitalization of $983.05 million, a P/E ratio of 10.53 and a beta of 0.94.

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.