Raymond James Financial Inc. Makes New $2.24 Million Investment in Amalgamated Financial Corp. (NASDAQ:AMAL)

Raymond James Financial Inc. purchased a new position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 67,035 shares of the company’s stock, valued at approximately $2,244,000. Raymond James Financial Inc. owned about 0.22% of Amalgamated Financial at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. FMR LLC lifted its holdings in Amalgamated Financial by 198.0% during the third quarter. FMR LLC now owns 35,663 shares of the company’s stock valued at $1,119,000 after purchasing an additional 23,697 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Amalgamated Financial during the 4th quarter valued at $469,000. JPMorgan Chase & Co. lifted its stake in shares of Amalgamated Financial by 18.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 567,609 shares of the company’s stock valued at $17,806,000 after buying an additional 89,444 shares in the last quarter. State Street Corp boosted its holdings in Amalgamated Financial by 4.9% in 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 during the period. Finally, Tidal Investments LLC purchased a new stake in Amalgamated Financial in the 3rd quarter worth $496,000. Institutional investors own 75.93% of the company’s stock.

Analyst Ratings Changes

AMAL has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on 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 cut Amalgamated Financial from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Insider Transactions at Amalgamated Financial

In other Amalgamated Financial news, Director Maryann Bruce sold 4,403 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $33.77, for a total transaction of $148,689.31. Following the sale, the director now directly owns 18,319 shares of the company’s stock, valued at $618,632.63. The trade was a 19.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Tyrone Graham sold 869 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $29.73, for a total value of $25,835.37. Following the sale, the executive vice president now owns 10,580 shares in the company, valued at approximately $314,543.40. This trade represents a 7.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,916 shares of company stock valued at $1,035,526 in the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Amalgamated Financial Stock Performance

AMAL opened at $28.70 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $880.72 million, a price-to-earnings ratio of 8.32 and a beta of 0.93. The company has a fifty day moving average of $32.68 and a 200 day moving average of $33.45. 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 quarterly earnings data on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a return on equity of 16.49% and a net margin of 24.50%. As a group, sell-side analysts forecast that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Shareholders 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. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.56 dividend on an annualized basis and a yield of 1.95%. Amalgamated Financial’s payout ratio is presently 16.23%.

Amalgamated Financial announced that its board has authorized a stock buyback plan on Monday, March 10th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.