JPMorgan Chase & Co. Cuts Amalgamated Financial (NASDAQ:AMAL) Price Target to $29.50

Amalgamated Financial (NASDAQ:AMAL) had its price objective lowered by JPMorgan Chase & Co. from $33.00 to $29.50 in a research note released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Amalgamated Financial Stock Performance

NASDAQ AMAL opened at $22.50 on Thursday. The stock has a market cap of $686.45 million, a PE ratio of 7.87 and a beta of 0.94. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.52. Amalgamated Financial has a twelve month low of $14.05 and a twelve month high of $27.77. The stock has a fifty day simple moving average of $23.93 and a 200-day simple moving average of $22.35.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, January 25th. The company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Amalgamated Financial had a net margin of 22.71% and a return on equity of 16.60%. The firm had revenue of $105.39 million for the quarter, compared to analysts’ expectations of $71.59 million. During the same quarter last year, the business earned $0.83 earnings per share. Equities analysts anticipate that Amalgamated Financial will post 3.11 earnings per share for the current year.

Amalgamated Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Tuesday, February 6th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Monday, February 5th. Amalgamated Financial’s dividend payout ratio is currently 13.99%.

Institutional Investors Weigh In On Amalgamated Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd acquired a new stake in shares of Amalgamated Financial during the 4th quarter worth about $388,000. Vanguard Group Inc. raised its position in shares of Amalgamated Financial by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 1,124,536 shares of the company’s stock worth $30,295,000 after acquiring an additional 3,675 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Amalgamated Financial by 44.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 7,743 shares of the company’s stock worth $209,000 after acquiring an additional 2,371 shares in the last quarter. Virtus Investment Advisers Inc. acquired a new stake in shares of Amalgamated Financial during the 4th quarter worth about $172,000. Finally, Barclays PLC raised its position in shares of Amalgamated Financial by 42.4% during the 4th quarter. Barclays PLC now owns 46,588 shares of the company’s stock worth $1,255,000 after acquiring an additional 13,878 shares in the last quarter. Institutional investors and hedge funds own 75.93% of the company’s stock.

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.