Corebridge Financial Inc. Decreases Holdings in Amalgamated Financial Corp. (NASDAQ:AMAL)

Corebridge Financial Inc. lowered its stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 7.0% in the fourth quarter, Holdings Channel reports. The firm owned 8,901 shares of the company’s stock after selling 671 shares during the period. Corebridge Financial Inc.’s holdings in Amalgamated Financial were worth $298,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. State Street Corp increased its stake in Amalgamated Financial by 4.9% during the 3rd quarter. State Street Corp now owns 704,868 shares of the company’s stock worth $22,112,000 after buying an additional 33,095 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Amalgamated Financial by 18.7% in the third quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company’s stock worth $17,806,000 after acquiring an additional 89,444 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Amalgamated Financial by 3.6% in the fourth quarter. American Century Companies Inc. now owns 502,848 shares of the company’s stock worth $16,830,000 after acquiring an additional 17,410 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Amalgamated Financial by 7.7% during the third quarter. Geode Capital Management LLC now owns 478,888 shares of the company’s stock worth $15,026,000 after purchasing an additional 34,109 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Amalgamated Financial by 49.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,531 shares of the company’s stock valued at $8,118,000 after purchasing an additional 80,484 shares in the last quarter. Institutional investors and hedge funds own 75.93% of the company’s stock.

Insider Buying and Selling at Amalgamated Financial

In related news, Director Maryann Bruce sold 4,403 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $33.77, for a total value of $148,689.31. Following the sale, the director now directly owns 18,319 shares in the company, valued at approximately $618,632.63. The trade was a 19.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder States Regional Joint Western sold 1,327 shares of the stock in a transaction dated 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 directly owns 7,121,506 shares of the company’s stock, valued at approximately $244,196,440.74. This trade represents a 0.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,656 shares of company stock worth $1,054,122 in the last ninety days. 0.90% of the stock is owned by insiders.

Amalgamated Financial Trading Down 3.7 %

Shares of Amalgamated Financial stock opened at $26.24 on Friday. Amalgamated Financial Corp. has a 1-year low of $21.33 and a 1-year high of $38.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market cap of $805.23 million, a P/E ratio of 7.61 and a beta of 0.75. The stock’s 50 day simple moving average is $30.95 and its 200-day simple moving average is $33.09.

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

Amalgamated Financial declared that its board has authorized a share buyback program on Monday, March 10th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the company to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Amalgamated Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, February 11th. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 2.13%. Amalgamated Financial’s payout ratio is 16.23%.

Analyst Ratings Changes

Separately, Piper Sandler lowered shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

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.