Connor Clark & Lunn Investment Management Ltd. Purchases 60,143 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) by 146.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 101,232 shares of the company's stock after buying an additional 60,143 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.33% of Amalgamated Financial worth $3,388,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AMAL. USA Financial Formulas acquired a new position in Amalgamated Financial in the fourth quarter worth approximately $34,000. R Squared Ltd acquired a new position in Amalgamated Financial in the fourth quarter worth approximately $38,000. New York State Teachers Retirement System acquired a new position in Amalgamated Financial in the fourth quarter worth approximately $55,000. US Bancorp DE grew its position in Amalgamated Financial by 28.1% in the fourth quarter. US Bancorp DE now owns 2,962 shares of the company's stock worth $99,000 after buying an additional 650 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Amalgamated Financial in the third quarter worth approximately $214,000. Institutional investors and hedge funds own 75.93% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AMAL shares. Piper Sandler lowered 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 research note on Friday, February 21st. Keefe, Bruyette & Woods raised their price objective on shares of Amalgamated Financial from $41.00 to $45.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th.

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Insider Buying and Selling at Amalgamated Financial

In related news, 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 value of $101,168.50. Following the completion of the sale, the executive vice president now owns 11,449 shares of the company's stock, valued at approximately $349,194.50. The trade was a 22.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maryann Bruce sold 4,403 shares of Amalgamated Financial stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $33.77, for a total transaction 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 approximately $618,632.63. The trade was a 19.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,916 shares of company stock valued at $1,035,526 in the last quarter. Company insiders own 0.90% of the company's stock.

Amalgamated Financial Stock Down 0.6 %

Shares of NASDAQ:AMAL traded down $0.19 during trading on Friday, reaching $29.15. 656,805 shares of the company traded hands, compared to its average volume of 169,482. The firm has a fifty day simple moving average of $33.29 and a 200 day simple moving average of $33.50. The firm has a market cap of $894.53 million, a P/E ratio of 8.45 and a beta of 0.93. Amalgamated Financial Corp. has a 1-year low of $21.33 and a 1-year 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 - Get Free Report) last issued its earnings results 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 net margin of 24.50% and a return on equity of 16.49%. Analysts anticipate that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, February 11th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. 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 has initiated a stock repurchase 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 an indication that the company's management believes its shares are undervalued.

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.