Amalgamated Financial (NASDAQ:AMAL) to Buyback $40.00 million in Outstanding Shares

Amalgamated Financial (NASDAQ:AMAL) announced that its Board of Directors has approved a stock buyback plan on Monday, March 10th, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AMAL shares. Piper Sandler downgraded shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $42.00 to $38.00 in a research note on Friday, February 21st. Keefe, Bruyette & Woods upped their target price on shares of Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Amalgamated Financial Stock Down 3.9 %

Shares of Amalgamated Financial stock traded down $1.16 on Monday, hitting $28.33. The company had a trading volume of 273,461 shares, compared to its average volume of 242,844. The firm has a market capitalization of $868.85 million, a P/E ratio of 8.21 and a beta of 0.93. Amalgamated Financial has a twelve month low of $21.33 and a twelve month high of $38.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a 50-day moving average of $34.06 and a 200-day moving average of $33.72.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. Research analysts predict that Amalgamated Financial will post 3.65 earnings per share for the current year.

Amalgamated Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were issued a dividend of $0.14 per share. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, February 11th. This represents a $0.56 annualized dividend and a yield of 1.98%. Amalgamated Financial’s dividend payout ratio is presently 16.23%.

Insider Buying and Selling

In related news, EVP Tyrone Graham sold 869 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $29.73, for a total transaction of $25,835.37. Following the completion of the transaction, the executive vice president now owns 10,580 shares in the company, valued at approximately $314,543.40. This represents a 7.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sean Searby sold 3,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $32.49, for a total transaction of $97,470.00. Following the transaction, the executive vice president now owns 17,639 shares of the company’s stock, valued at $573,091.11. The trade was a 14.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,916 shares of company stock worth $1,035,526. 0.90% of the stock is owned by insiders.

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.