The Manufacturers Life Insurance Company Takes Position in Amalgamated Financial Corp. (NASDAQ:AMAL)

The Manufacturers Life Insurance Company acquired a new position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 6,833 shares of the company’s stock, valued at approximately $214,000.

A number of other hedge funds have also recently made changes to their positions in AMAL. Dimensional Fund Advisors LP boosted its stake in Amalgamated Financial by 3.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,157,594 shares of the company’s stock valued at $31,716,000 after acquiring an additional 43,213 shares in the last quarter. American Century Companies Inc. grew its stake in Amalgamated Financial by 17.4% during the 2nd quarter. American Century Companies Inc. now owns 428,745 shares of the company’s stock worth $11,748,000 after buying an additional 63,561 shares during the last quarter. Arjuna Capital raised its stake in Amalgamated Financial by 2.5% in the second quarter. Arjuna Capital now owns 176,180 shares of the company’s stock valued at $4,827,000 after buying an additional 4,319 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Amalgamated Financial by 219.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 162,047 shares of the company’s stock worth $5,083,000 after acquiring an additional 111,357 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Amalgamated Financial by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 158,643 shares of the company’s stock worth $4,347,000 after acquiring an additional 4,555 shares during the last quarter. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Amalgamated Financial Trading Up 1.5 %

Amalgamated Financial stock opened at $35.47 on Tuesday. Amalgamated Financial Corp. has a 52 week low of $21.33 and a 52 week high of $38.19. The stock has a 50-day moving average price of $34.88 and a 200 day moving average price of $31.16. 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 company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.43 and a beta of 0.91.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. The firm had revenue of $111.76 million for the quarter, compared to analyst estimates of $79.50 million. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. During the same quarter in the prior year, the business earned $0.76 earnings per share. Sell-side analysts anticipate that Amalgamated Financial Corp. will post 3.46 EPS for the current year.

Amalgamated Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Tuesday, November 5th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Tuesday, November 5th. Amalgamated Financial’s dividend payout ratio (DPR) is presently 14.12%.

Insider Activity at Amalgamated Financial

In related news, major shareholder United Workers sold 31,844 shares of Amalgamated Financial stock in a transaction on Friday, November 8th. The shares were sold at an average price of $35.77, for a total value of $1,139,059.88. Following the sale, the insider now owns 7,512,731 shares of the company’s stock, valued at approximately $268,730,387.87. This trade represents a 0.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder States Regional Joint Western sold 63,004 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $32.81, for a total transaction of $2,067,161.24. Following the completion of the sale, the insider now directly owns 423,022 shares of the company’s stock, valued at approximately $13,879,351.82. The trade was a 12.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 591,849 shares of company stock worth $21,099,252. 0.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AMAL. Keefe, Bruyette & Woods increased their price objective on shares of Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler boosted their price objective on shares of Amalgamated Financial from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th.

Amalgamated Financial Company 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.