Amalgamated Financial (NASDAQ:AMAL) Price Target Raised to $42.00 at Piper Sandler

Amalgamated Financial (NASDAQ:AMAL) had its price target hoisted by Piper Sandler from $39.00 to $42.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 17.02% from the company’s previous close.

Amalgamated Financial Price Performance

Shares of NASDAQ AMAL opened at $35.89 on Wednesday. The firm has a 50-day simple moving average of $34.22 and a 200-day simple moving average of $30.59. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 10.56 and a beta of 0.91. 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 has a 52 week low of $21.33 and a 52 week high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, October 24th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $111.76 million during the quarter, compared to analysts’ expectations of $79.50 million. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. During the same period in the prior year, the business earned $0.76 earnings per share. On average, equities analysts predict that Amalgamated Financial will post 3.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Jason Darby sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $36.59, for a total value of $146,360.00. Following the completion of the transaction, the chief financial officer now owns 50,208 shares of the company’s stock, valued at approximately $1,837,110.72. This trade represents a 7.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder United Canada Council Workers sold 44,577 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $29.97, for a total transaction of $1,335,972.69. Following the completion of the transaction, the insider now directly owns 384,980 shares of the company’s stock, valued at approximately $11,537,850.60. The trade was a 10.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 718,890 shares of company stock valued at $24,995,731 over the last 90 days. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. boosted its stake in shares of Amalgamated Financial by 17.4% in the second quarter. American Century Companies Inc. now owns 428,745 shares of the company’s stock valued at $11,748,000 after purchasing an additional 63,561 shares during the period. LSV Asset Management purchased a new position in Amalgamated Financial in the second quarter worth approximately $1,378,000. Deerfield Management Company L.P. Series C purchased a new position in Amalgamated Financial in the second quarter worth approximately $1,219,000. Harrington Investments INC lifted its stake in Amalgamated Financial by 1.0% in the second quarter. Harrington Investments INC now owns 75,900 shares of the company’s stock worth $2,080,000 after acquiring an additional 760 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Amalgamated Financial in the third quarter worth approximately $1,440,000. Hedge funds and other institutional investors own 75.93% of the company’s stock.

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.