First Manhattan CO. LLC. Sells 7,450 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

First Manhattan CO. LLC. trimmed its holdings in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 451,878 shares of the company’s stock after selling 7,450 shares during the quarter. First Manhattan CO. LLC. owned about 1.47% of Amalgamated Financial worth $15,124,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. USA Financial Formulas bought a new stake in shares of Amalgamated Financial during the 4th quarter worth approximately $34,000. R Squared Ltd bought a new stake in shares of Amalgamated Financial in the fourth quarter worth $38,000. New York State Teachers Retirement System acquired a new stake in shares of Amalgamated Financial in the fourth quarter valued at about $55,000. KLP Kapitalforvaltning AS bought a new position in Amalgamated Financial during the 4th quarter worth approximately $90,000. Finally, US Bancorp DE raised its stake in Amalgamated Financial by 28.1% during 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. Institutional investors and hedge funds own 75.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMAL. Keefe, Bruyette & Woods lowered their price objective on shares of Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Piper Sandler cut Amalgamated Financial from an “overweight” rating to a “neutral” rating and cut their target price for the company from $42.00 to $38.00 in a research report on Friday, February 21st.

Amalgamated Financial Stock Performance

NASDAQ AMAL opened at $30.32 on Friday. Amalgamated Financial Corp. has a 52-week low of $24.02 and a 52-week high of $38.19. The company has a 50-day simple moving average of $28.29 and a 200 day simple moving average of $32.48. The company has a market capitalization of $930.43 million, a PE ratio of 8.79 and a beta of 0.86. 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) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.88 earnings per share for the quarter, hitting the consensus estimate of $0.88. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. The company had revenue of $79.69 million during the quarter, compared to the consensus estimate of $74.78 million. During the same quarter in the prior year, the company earned $0.89 EPS. On average, research analysts predict that Amalgamated Financial Corp. will post 3.65 EPS for the current year.

Amalgamated Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Tuesday, May 6th will be issued a dividend of $0.14 per share. The ex-dividend date is Tuesday, May 6th. This represents a $0.56 dividend on an annualized basis and a yield of 1.85%. Amalgamated Financial’s dividend payout ratio (DPR) is 16.62%.

Amalgamated Financial announced that its Board of Directors has initiated a share repurchase program on Monday, March 10th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, EVP Tyrone Graham sold 3,317 shares of the company’s 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 transaction, the executive vice president now directly owns 11,449 shares in the company, valued at approximately $349,194.50. The trade was a 22.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Searby sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $32.49, for a total value of $97,470.00. Following the completion of the sale, the executive vice president now directly owns 17,639 shares of the company’s stock, valued at approximately $573,091.11. This represents a 14.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,926 shares of company stock worth $243,070. 1.29% of the stock is 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.