Massachusetts Financial Services Co. MA Acquires 3,047 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Massachusetts Financial Services Co. MA increased its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL) by 3.5% during the second quarter, HoldingsChannel reports. The fund owned 90,807 shares of the company’s stock after acquiring an additional 3,047 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Amalgamated Financial were worth $2,488,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in AMAL. Dimensional Fund Advisors LP lifted its position in shares of Amalgamated Financial by 13.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,005,772 shares of the company’s stock valued at $27,096,000 after purchasing an additional 122,722 shares in the last quarter. American Century Companies Inc. lifted its position in shares of 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 in the last quarter. LSV Asset Management purchased a new position in shares of Amalgamated Financial in the 2nd quarter worth approximately $1,378,000. Isthmus Partners LLC grew its holdings in shares of Amalgamated Financial by 38.8% in the first quarter. Isthmus Partners LLC now owns 136,397 shares of the company’s stock valued at $3,274,000 after acquiring an additional 38,112 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Amalgamated Financial during the first quarter valued at approximately $909,000. Institutional investors own 75.93% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder United Canada Council Workers sold 44,577 shares of Amalgamated Financial stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $29.97, for a total value of $1,335,972.69. Following the completion of the transaction, the insider now directly owns 384,980 shares in the company, valued at $11,537,850.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, major shareholder United Canada Council Workers sold 44,577 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $29.97, for a total transaction of $1,335,972.69. Following the completion of the transaction, the insider now owns 384,980 shares of the company’s stock, valued at $11,537,850.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Jason Darby sold 4,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $27.02, for a total transaction of $108,080.00. Following the completion of the sale, the chief financial officer now owns 56,470 shares in the company, valued at $1,525,819.40. The disclosure for this sale can be found here. Insiders have sold a total of 131,041 shares of company stock worth $4,004,560 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.

Amalgamated Financial Price Performance

Shares of NASDAQ AMAL opened at $31.76 on Monday. The firm has a market cap of $969.44 million, a price-to-earnings ratio of 10.38 and a beta of 0.93. The stock has a fifty day simple moving average of $30.89 and a two-hundred day simple moving average of $26.78. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.12. Amalgamated Financial Corp. has a 1-year low of $15.19 and a 1-year high of $33.24.

Amalgamated Financial (NASDAQ:AMAL) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.79 by $0.06. The business had revenue of $108.22 million for the quarter, compared to the consensus estimate of $77.33 million. Amalgamated Financial had a net margin of 23.64% and a return on equity of 16.23%. During the same period in the prior year, the firm earned $0.72 earnings per share. Analysts anticipate that Amalgamated Financial Corp. will post 3.29 earnings per share for the current year.

Amalgamated Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Tuesday, August 6th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. Amalgamated Financial’s payout ratio is 15.69%.

Analyst Ratings Changes

Several research firms have weighed in on AMAL. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $35.00 price objective (up previously from $30.00) on shares of Amalgamated Financial in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price target on shares of Amalgamated Financial from $31.50 to $32.50 and gave the company an “overweight” rating in a research report on Thursday, June 27th.

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.