Amalgamated Financial Corp. (NASDAQ:AMAL) Shares Sold by Sei Investments Co.

Sei Investments Co. lessened its stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 38.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,396 shares of the company’s stock after selling 18,278 shares during the quarter. Sei Investments Co.’s holdings in Amalgamated Financial were worth $984,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. USA Financial Formulas purchased a new position in Amalgamated Financial during the 4th quarter worth $34,000. R Squared Ltd acquired a new position in shares of Amalgamated Financial during the fourth quarter worth about $38,000. New York State Teachers Retirement System purchased a new position in Amalgamated Financial during the fourth quarter worth about $55,000. US Bancorp DE lifted 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 valued at $99,000 after purchasing an additional 650 shares during the period. Finally, Midwest Professional Planners LTD. purchased a new stake in Amalgamated Financial in the 4th quarter valued at approximately $210,000. 75.93% of the stock is owned by institutional investors and hedge funds.

Amalgamated Financial Stock Performance

NASDAQ:AMAL opened at $26.20 on Tuesday. The firm’s fifty day simple moving average is $31.73 and its 200-day simple moving average is $33.29. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.10. The stock has a market cap of $804.00 million, a PE ratio of 7.59 and a beta of 0.75. Amalgamated Financial Corp. has a fifty-two week low of $21.33 and a fifty-two week high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. Analysts expect that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial announced that its board has approved a stock repurchase plan on Monday, March 10th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Amalgamated Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were paid a $0.14 dividend. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 2.14%. The ex-dividend date was Tuesday, February 11th. Amalgamated Financial’s dividend payout ratio (DPR) is presently 16.23%.

Insider Buying and Selling

In related news, major shareholder States Regional Joint Western sold 18,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $34.27, for a total value of $616,860.00. Following the sale, the insider now directly owns 7,167,816 shares of the company’s stock, valued at approximately $245,641,054.32. This represents a 0.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maryann Bruce sold 4,403 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $33.77, for a total transaction of $148,689.31. Following the transaction, the director now owns 18,319 shares of the company’s stock, valued at $618,632.63. This trade represents a 19.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,916 shares of company stock valued at $1,035,526. 0.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler downgraded Amalgamated Financial from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $42.00 to $38.00 in a research note on Friday, February 21st.

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.