Amalgamated Financial Corp. (NASDAQ:AMAL) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. grew its holdings in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 188,835 shares of the company’s stock after buying an additional 5,600 shares during the quarter. Prudential Financial Inc. owned 0.62% of Amalgamated Financial worth $6,320,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Congress Asset Management Co. acquired a new position in Amalgamated Financial during the 4th quarter worth $5,339,000. Charles Schwab Investment Management Inc. grew its stake in Amalgamated Financial by 219.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 162,047 shares of the company’s stock worth $5,083,000 after purchasing an additional 111,357 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Amalgamated Financial by 18.7% in the third quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company’s stock worth $17,806,000 after purchasing an additional 89,444 shares in the last quarter. Figure 8 Investment Strategies LLC bought a new stake in Amalgamated Financial in the fourth quarter valued at about $2,778,000. Finally, Raymond James Financial Inc. acquired a new stake in Amalgamated Financial during the fourth quarter valued at approximately $2,244,000. Institutional investors and hedge funds own 75.93% of the company’s stock.

Insider Activity at Amalgamated Financial

In related news, Director Maryann Bruce sold 4,403 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $33.77, for a total value of $148,689.31. Following the completion of the transaction, the director now directly owns 18,319 shares of the company’s stock, valued at $618,632.63. This represents a 19.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Tyrone Graham sold 869 shares of Amalgamated Financial stock in a transaction on Friday, March 7th. The shares were sold at an average price of $29.73, for a total value of $25,835.37. Following the sale, the executive vice president now directly owns 10,580 shares in the company, valued at $314,543.40. The trade was a 7.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,916 shares of company stock worth $1,035,526 in the last ninety days. 0.90% of the stock is owned by insiders.

Amalgamated Financial Stock Performance

Shares of AMAL stock opened at $28.70 on Monday. The company has a market cap of $880.72 million, a P/E ratio of 8.32 and a beta of 0.93. The business has a 50 day moving average of $32.68 and a two-hundred day moving average of $33.45. Amalgamated Financial Corp. has a 52 week low of $21.33 and a 52 week high of $38.19. 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 (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. As a group, analysts anticipate that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

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

Amalgamated Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Tuesday, February 11th. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s dividend payout ratio (DPR) is 16.23%.

Analyst Upgrades and Downgrades

AMAL has been the subject of several research reports. Keefe, Bruyette & Woods lifted their target price on Amalgamated Financial from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler downgraded shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Amalgamated Financial Company Profile

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.