JPMorgan Chase & Co. Purchases 89,444 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

JPMorgan Chase & Co. boosted its position in Amalgamated Financial Corp. (NASDAQ:AMAL) by 18.7% during the 3rd quarter, Holdings Channel reports. The fund owned 567,609 shares of the company’s stock after buying an additional 89,444 shares during the period. JPMorgan Chase & Co.’s holdings in Amalgamated Financial were worth $17,806,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE raised its position 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 purchasing an additional 512 shares during the period. CWM LLC increased its stake in Amalgamated Financial by 74.9% during the 3rd quarter. CWM LLC now owns 2,414 shares of the company’s stock valued at $76,000 after purchasing an additional 1,034 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Amalgamated Financial by 12.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 4,816 shares of the company’s stock worth $126,000 after buying an additional 528 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Amalgamated Financial in the second quarter valued at $213,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Amalgamated Financial during the third quarter valued at about $214,000. Institutional investors and hedge funds own 75.93% of the company’s stock.

Amalgamated Financial Price Performance

AMAL opened at $33.32 on Friday. Amalgamated Financial Corp. has a 1 year low of $21.33 and a 1 year 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 company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 9.80 and a beta of 0.93. The firm’s fifty day moving average price is $34.91 and its two-hundred day moving average price is $32.16.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.08. The business had revenue of $111.76 million for 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 previous year, the company earned $0.76 earnings per share. As a group, analysts anticipate that Amalgamated Financial Corp. will post 3.46 earnings per share for the current fiscal year.

Amalgamated Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Tuesday, November 5th. Amalgamated Financial’s dividend payout ratio is presently 14.12%.

Insider Activity at Amalgamated Financial

In related news, CFO Jason Darby sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $36.59, for a total transaction of $146,360.00. Following the completion of the sale, the chief financial officer now owns 50,208 shares in the company, 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 filing with the SEC, which is accessible through this link. Also, major shareholder States Regional Joint Western sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $35.21, for a total transaction of $352,100.00. Following the transaction, the insider now directly owns 7,185,816 shares of the company’s stock, valued at $253,012,581.36. This represents a 0.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 591,849 shares of company stock valued at $21,099,252. 0.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AMAL. Keefe, Bruyette & Woods upped their target price on shares of Amalgamated Financial from $41.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler boosted their price objective on Amalgamated Financial from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th.

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.