Amalgamated Financial Corp. (NASDAQ:AMAL) Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans raised its holdings in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 86.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,738 shares of the company’s stock after buying an additional 40,318 shares during the quarter. Thrivent Financial for Lutherans owned about 0.28% of Amalgamated Financial worth $2,903,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AMAL. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Amalgamated Financial by 125.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,089 shares of the company’s stock valued at $1,289,000 after acquiring an additional 22,865 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Amalgamated Financial by 219.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 162,047 shares of the company’s stock valued at $5,083,000 after purchasing an additional 111,357 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Amalgamated Financial in the third quarter valued at approximately $388,000. The Manufacturers Life Insurance Company purchased a new position in Amalgamated Financial during the third quarter worth approximately $214,000. Finally, FMR LLC grew its holdings in Amalgamated Financial by 198.0% in the 3rd quarter. FMR LLC now owns 35,663 shares of the company’s stock valued at $1,119,000 after buying an additional 23,697 shares in the last quarter. 75.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Tyrone Graham sold 869 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was 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 directly owns 10,580 shares in the company, valued at $314,543.40. This trade represents a 7.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder States Regional Joint Western sold 1,327 shares of Amalgamated Financial stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $34.29, for a total value of $45,502.83. Following the completion of the transaction, the insider now directly owns 7,121,506 shares of the company’s stock, valued at approximately $244,196,440.74. This represents a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,916 shares of company stock worth $1,035,526 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Amalgamated Financial Stock Performance

Shares of Amalgamated Financial stock opened at $29.59 on Thursday. The business’s fifty day simple moving average is $32.94 and its 200-day simple moving average is $33.44. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The firm has a market cap of $908.03 million, a PE ratio of 8.58 and a beta of 0.93. Amalgamated Financial Corp. has a 52 week low of $21.33 and a 52 week high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, topping 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%. Equities analysts forecast that Amalgamated Financial Corp. will post 3.65 earnings per share for the current year.

Amalgamated Financial declared that its Board of Directors has approved a stock buyback plan on Monday, March 10th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Amalgamated Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were given a $0.14 dividend. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.56 dividend on an annualized basis and a yield of 1.89%. Amalgamated Financial’s payout ratio is presently 16.23%.

Analyst Upgrades and Downgrades

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

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.