Amalgamated Financial (NASDAQ:AMAL) Stock Price Down 5.1% – Here’s Why

Amalgamated Financial Corp. (NASDAQ:AMAL)’s stock price was down 5.1% during mid-day trading on Thursday . The stock traded as low as $34.34 and last traded at $34.73. Approximately 49,509 shares changed hands during trading, a decline of 67% from the average daily volume of 148,965 shares. The stock had previously closed at $36.60.

Analyst Upgrades and Downgrades

AMAL has been the topic of several research analyst reports. Piper Sandler upped their target price on Amalgamated Financial from $39.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods lifted their price objective on shares of Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Amalgamated Financial Stock Performance

The stock has a market cap of $1.09 billion, a PE ratio of 10.41 and a beta of 0.93. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. The company’s 50 day simple moving average is $34.87 and its 200 day simple moving average is $32.76.

Amalgamated Financial (NASDAQ:AMAL) last released its earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. Analysts expect that Amalgamated Financial Corp. will post 3.46 earnings per share for the current year.

Amalgamated Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.58%. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s dividend payout ratio is currently 14.12%.

Insider Activity at Amalgamated Financial

In other news, major shareholder States Regional Joint Western sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $33.08, for a total transaction of $827,000.00. Following the transaction, the insider now directly owns 431,026 shares of the company’s stock, valued at approximately $14,258,340.08. The trade was a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Regional Joint Board Rochester sold 55,875 shares of Amalgamated Financial stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $34.32, for a total value of $1,917,630.00. Following the sale, the insider now owns 355,893 shares in the company, valued at $12,214,247.76. This represents a 13.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 591,849 shares of company stock worth $21,099,252. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in shares of Amalgamated Financial by 198.0% during the third quarter. FMR LLC now owns 35,663 shares of the company’s stock valued at $1,119,000 after purchasing an additional 23,697 shares during the last quarter. JPMorgan Chase & Co. increased its holdings 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 acquiring an additional 89,444 shares in the last quarter. State Street Corp raised its position in shares of Amalgamated Financial by 4.9% in the 3rd quarter. State Street Corp now owns 704,868 shares of the company’s stock worth $22,112,000 after purchasing an additional 33,095 shares during the last quarter. Tidal Investments LLC purchased a new stake in Amalgamated Financial during the 3rd quarter valued at about $496,000. Finally, Geode Capital Management LLC increased its stake in Amalgamated Financial by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 478,888 shares of the company’s stock valued at $15,026,000 after purchasing an additional 34,109 shares in the last quarter. 75.93% of the stock is currently owned by institutional investors.

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.