JPMorgan Chase & Co. Boosts Amalgamated Financial (NASDAQ:AMAL) Price Target to $32.50

Amalgamated Financial (NASDAQ:AMAL) had its price target hoisted by JPMorgan Chase & Co. from $31.50 to $32.50 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on AMAL. Keefe, Bruyette & Woods reduced their price objective on shares of Amalgamated Financial from $32.00 to $30.00 and set an outperform rating for the company in a research report on Friday, April 5th. Piper Sandler restated an overweight rating and set a $29.00 price objective (up previously from $28.00) on shares of Amalgamated Financial in a research report on Friday, April 26th.

Amalgamated Financial Trading Up 4.5 %

NASDAQ AMAL opened at $27.40 on Thursday. The stock has a market capitalization of $836.25 million, a PE ratio of 8.95 and a beta of 0.93. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.23. Amalgamated Financial has a 52 week low of $15.19 and a 52 week high of $27.77. The firm has a 50 day moving average of $25.06 and a two-hundred day moving average of $24.72.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings data on Thursday, April 25th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.11. The business had revenue of $107.16 million during the quarter, compared to the consensus estimate of $75.77 million. Amalgamated Financial had a net margin of 23.22% and a return on equity of 16.34%. During the same quarter in the previous year, the firm earned $0.74 EPS. As a group, research analysts expect that Amalgamated Financial will post 3.13 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Wednesday, May 8th were given a $0.12 dividend. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, May 7th. This represents a $0.48 annualized dividend and a yield of 1.75%. Amalgamated Financial’s dividend payout ratio is 15.69%.

Insider Activity at Amalgamated Financial

In related news, EVP Sam D. Brown sold 8,994 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $25.47, for a total value of $229,077.18. Following the completion of the sale, the executive vice president now owns 45,970 shares in the company, valued at approximately $1,170,855.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Amalgamated Financial news, insider Edgar Romney, Jr. sold 8,269 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $25.25, for a total value of $208,792.25. Following the transaction, the insider now directly owns 13,856 shares of the company’s stock, valued at approximately $349,864. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sam D. Brown sold 8,994 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $25.47, for a total transaction of $229,077.18. Following the completion of the transaction, the executive vice president now directly owns 45,970 shares in the company, valued at $1,170,855.90. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Amalgamated Financial

Several institutional investors have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. increased its stake in Amalgamated Financial by 2.8% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 2,182,279 shares of the company’s stock valued at $37,579,000 after buying an additional 59,337 shares during the period. Dimensional Fund Advisors LP increased its stake in Amalgamated Financial by 13.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,005,772 shares of the company’s stock valued at $27,096,000 after buying an additional 122,722 shares during the period. Schroder Investment Management Group grew its stake in shares of Amalgamated Financial by 26.5% during the 3rd quarter. Schroder Investment Management Group now owns 317,107 shares of the company’s stock worth $5,461,000 after purchasing an additional 66,420 shares during the period. Redwood Grove Capital LLC acquired a new position in shares of Amalgamated Financial during the 3rd quarter worth $3,972,000. Finally, Arjuna Capital grew its stake in shares of Amalgamated Financial by 2.3% during the 1st quarter. Arjuna Capital now owns 171,861 shares of the company’s stock worth $4,125,000 after purchasing an additional 3,867 shares during the period. 75.93% of the stock is owned by institutional investors and hedge funds.

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.