Raymond James Financial Inc. Takes $2.24 Million Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

Raymond James Financial Inc. acquired a new position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 67,035 shares of the company's stock, valued at approximately $2,244,000. Raymond James Financial Inc. owned approximately 0.22% of Amalgamated Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of 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 acquiring an additional 650 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Amalgamated Financial in the 4th quarter worth approximately $34,000. R Squared Ltd bought a new position in shares of Amalgamated Financial during the 4th quarter valued at approximately $38,000. Martingale Asset Management L P lifted its position in Amalgamated Financial by 2.0% in the third quarter. Martingale Asset Management L P now owns 72,873 shares of the company's stock worth $2,286,000 after buying an additional 1,450 shares during the last quarter. Finally, New York State Teachers Retirement System purchased a new position in Amalgamated Financial during the fourth quarter worth $55,000. 75.93% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder States Regional Joint Western sold 1,327 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $34.29, for a total transaction of $45,502.83. Following the transaction, the insider now owns 7,121,506 shares in the company, valued at approximately $244,196,440.74. This trade represents a 0.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Tyrone Graham sold 3,317 shares of Amalgamated Financial stock in a transaction dated 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 $349,194.50. The trade was a 22.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,916 shares of company stock valued at $1,035,526. Corporate insiders own 0.90% of the company's stock.

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Amalgamated Financial Trading Down 6.4 %

Amalgamated Financial stock traded down $1.85 during mid-day trading on Thursday, hitting $27.12. The company's stock had a trading volume of 328,262 shares, compared to its average volume of 175,860. Amalgamated Financial Corp. has a one year low of $21.33 and a one year high of $38.19. The stock has a market cap of $832.23 million, a PE ratio of 7.86 and a beta of 0.75. The company has a 50 day moving average of $32.06 and a 200-day moving average of $33.35. 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 (NASDAQ:AMAL - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.90 EPS for the quarter, topping 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%. On average, research analysts anticipate that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial declared that its board 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 buy up to 4.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Amalgamated Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This is a positive change from Amalgamated Financial's previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.06%. Amalgamated Financial's dividend payout ratio (DPR) is 16.23%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AMAL. Keefe, Bruyette & Woods raised their target price on shares of Amalgamated Financial from $41.00 to $45.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Piper Sandler lowered shares of Amalgamated Financial from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $42.00 to $38.00 in a research 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.