AlphaQuest LLC Increases Stake in Amalgamated Financial Corp. (NASDAQ:AMAL)

AlphaQuest LLC boosted its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 103.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,174 shares of the company's stock after acquiring an additional 12,269 shares during the quarter. AlphaQuest LLC owned 0.08% of Amalgamated Financial worth $809,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in shares of Amalgamated Financial by 4.9% in the third quarter. State Street Corp now owns 704,868 shares of the company's stock worth $22,112,000 after purchasing an additional 33,095 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Amalgamated Financial by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company's stock worth $17,806,000 after buying an additional 89,444 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Amalgamated Financial by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 478,888 shares of the company's stock worth $15,026,000 after buying an additional 34,109 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Amalgamated Financial by 49.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,531 shares of the company's stock valued at $8,118,000 after buying an additional 80,484 shares in the last quarter. Finally, Congress Asset Management Co. bought a new stake in shares of Amalgamated Financial during the 4th quarter worth $5,339,000. Hedge funds and other institutional investors own 75.93% of the company's stock.

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Amalgamated Financial Trading Up 2.7 %

AMAL stock traded up $0.77 during trading on Friday, hitting $29.14. 258,573 shares of the company traded hands, compared to its average volume of 244,744. The company has a 50-day moving average of $33.69 and a 200-day moving average of $33.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. Amalgamated Financial Corp. has a 1 year low of $21.33 and a 1 year high of $38.19. The firm has a market capitalization of $893.69 million, a PE ratio of 8.45 and a beta of 0.93.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.90 earnings per share 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%. Analysts predict that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Tuesday, February 11th. This is a positive change from Amalgamated Financial's previous quarterly dividend of $0.12. Amalgamated Financial's dividend payout ratio (DPR) is 16.23%.

Amalgamated Financial announced that its Board of Directors has approved a stock buyback program on Monday, March 10th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods increased their target price on Amalgamated Financial from $41.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Piper Sandler lowered shares of Amalgamated Financial from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Insider Buying and Selling at Amalgamated Financial

In related news, major shareholder States Regional Joint Western sold 18,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $34.27, for a total transaction of $616,860.00. Following the completion of the transaction, the insider now owns 7,167,816 shares in the company, valued at $245,641,054.32. This represents a 0.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tyrone Graham sold 3,317 shares of Amalgamated Financial stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $30.50, for a total transaction of $101,168.50. Following the completion of the sale, the executive vice president now owns 11,449 shares in the company, valued at approximately $349,194.50. This trade represents a 22.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,916 shares of company stock worth $1,035,526. 0.90% of the stock is currently owned by company insiders.

Amalgamated Financial 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.