Harrington Investments INC Purchases 1,310 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Harrington Investments INC boosted its position in shares of Amalgamated Financial Corp. (NASDAQ:AMAL) by 1.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,510 shares of the company’s stock after acquiring an additional 1,310 shares during the period. Amalgamated Financial accounts for about 1.5% of Harrington Investments INC’s holdings, making the stock its 22nd biggest position. Harrington Investments INC owned 0.26% of Amalgamated Financial worth $2,695,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. USA Financial Formulas purchased a new position in shares of Amalgamated Financial during the 4th quarter valued at $34,000. R Squared Ltd bought a new position in Amalgamated Financial in the 4th quarter worth about $38,000. New York State Teachers Retirement System purchased a new stake in shares of Amalgamated Financial in the 4th quarter valued at about $55,000. US Bancorp DE boosted its position in shares of Amalgamated Financial by 28.4% during the 3rd quarter. US Bancorp DE now owns 2,312 shares of the company’s stock valued at $73,000 after acquiring an additional 512 shares during the last quarter. Finally, Midwest Professional Planners LTD. bought a new stake in shares of Amalgamated Financial during the 4th quarter valued at about $210,000. Institutional investors own 75.93% of the company’s stock.

Amalgamated Financial Stock Performance

NASDAQ:AMAL opened at $29.14 on Friday. The company has a market capitalization of $894.22 million, a price-to-earnings ratio of 8.45 and a beta of 0.93. The business has a 50 day moving average of $33.69 and a 200 day moving average of $33.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. Amalgamated Financial Corp. has a 1-year low of $21.33 and a 1-year high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. On average, sell-side analysts predict that Amalgamated Financial Corp. will post 3.65 earnings per share for the current fiscal year.

Amalgamated Financial announced that its Board of Directors has authorized a share buyback program on Monday, March 10th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Amalgamated Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were issued a $0.14 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.56 annualized dividend and a dividend yield of 1.92%. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.12. Amalgamated Financial’s payout ratio is currently 16.23%.

Insider Activity at Amalgamated Financial

In other Amalgamated Financial news, Director Maryann Bruce sold 4,403 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $33.77, for a total transaction of $148,689.31. Following the completion of the sale, the director now owns 18,319 shares of the company’s stock, valued at $618,632.63. This represents a 19.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sean Searby sold 3,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $32.49, for a total transaction of $97,470.00. Following the completion of the transaction, the executive vice president now owns 17,639 shares in the company, valued at $573,091.11. The trade was a 14.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,916 shares of company stock worth $1,035,526 in the last ninety days. 0.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on AMAL shares. Keefe, Bruyette & Woods raised their target price on shares of Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler lowered shares of 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 report on Friday, February 21st.

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.