JPMorgan Chase & Co. Sells 21,730 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

JPMorgan Chase & Co. cut its stake in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 545,879 shares of the company's stock after selling 21,730 shares during the quarter. JPMorgan Chase & Co. owned 1.78% of Amalgamated Financial worth $18,271,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. US Bancorp DE raised its position in Amalgamated Financial by 28.1% in the 4th quarter. US Bancorp DE now owns 2,962 shares of the company's stock valued at $99,000 after buying an additional 650 shares during the last quarter. USA Financial Formulas purchased a new stake in Amalgamated Financial in the 4th quarter valued at about $34,000. R Squared Ltd purchased a new position in Amalgamated Financial in the fourth quarter valued at about $38,000. Harrington Investments INC grew its holdings in Amalgamated Financial by 1.7% during the fourth quarter. Harrington Investments INC now owns 80,510 shares of the company's stock valued at $2,695,000 after purchasing an additional 1,310 shares during the period. Finally, New York State Teachers Retirement System purchased a new stake in Amalgamated Financial in the 4th quarter worth about $55,000. Institutional investors own 75.93% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered Amalgamated Financial from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Amalgamated Financial Price Performance

Shares of AMAL stock traded up $0.11 during trading on Thursday, hitting $26.64. The company had a trading volume of 18,997 shares, compared to its average volume of 252,620. Amalgamated Financial Corp. has a 52 week low of $21.33 and a 52 week high of $38.19. The stock has a market capitalization of $817.50 million, a price-to-earnings ratio of 7.72 and a beta of 0.75. 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 stock's 50-day moving average is $30.25 and its two-hundred day moving average is $32.95.

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

Amalgamated Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were issued a $0.14 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.56 annualized dividend and a dividend yield of 2.10%. This is an increase from Amalgamated Financial's previous quarterly dividend of $0.12. Amalgamated Financial's payout ratio is currently 16.23%.

Amalgamated Financial declared that its Board of Directors has initiated a stock repurchase program on Monday, March 10th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, major shareholder States Regional Joint Western sold 18,000 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $34.27, for a total transaction of $616,860.00. Following the transaction, the insider now owns 7,167,816 shares in the company, valued at $245,641,054.32. The trade was a 0.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Maryann Bruce sold 4,403 shares of the firm's stock in a transaction 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 sale, the director now directly owns 18,319 shares of the company's stock, valued at $618,632.63. The trade was a 19.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,656 shares of company stock valued at $1,054,122. 0.90% of the stock is currently owned by company insiders.

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.