Amalgamated Financial’s (AMAL) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler restated their overweight rating on shares of Amalgamated Financial (NASDAQ:AMAL) in a report released on Friday, Benzinga reports. The brokerage currently has a $29.00 price objective on the stock, up from their previous price objective of $28.00.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. lowered their target price on Amalgamated Financial from $33.00 to $29.50 and set an overweight rating for the company in a research note on Thursday, April 4th. Keefe, Bruyette & Woods decreased their target price on shares of Amalgamated Financial from $32.00 to $30.00 and set an outperform rating for the company in a research report on Friday, April 5th.

Amalgamated Financial Trading Up 3.0 %

AMAL opened at $24.60 on Friday. Amalgamated Financial has a twelve month low of $14.05 and a twelve month high of $27.77. The company has a 50-day simple moving average of $23.20 and a 200 day simple moving average of $22.92. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $750.30 million, a price-to-earnings ratio of 8.04 and a beta of 0.94.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings data on Thursday, January 25th. The company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). Amalgamated Financial had a return on equity of 16.81% and a net margin of 23.22%. The firm had revenue of $105.39 million for the quarter, compared to the consensus estimate of $71.59 million. During the same period in the prior year, the company earned $0.83 EPS. Analysts predict that Amalgamated Financial will post 3.07 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.95%. This is a boost from Amalgamated Financial’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, May 7th. Amalgamated Financial’s dividend payout ratio is presently 13.07%.

Hedge Funds Weigh In On Amalgamated Financial

A number of institutional investors and hedge funds have recently modified their holdings of AMAL. Redwood Grove Capital LLC bought a new position in shares of Amalgamated Financial during the 3rd quarter worth approximately $3,972,000. Dimensional Fund Advisors LP boosted its holdings in shares of Amalgamated Financial by 13.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,005,772 shares of the company’s stock worth $27,096,000 after buying an additional 122,722 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Amalgamated Financial by 402.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 86,682 shares of the company’s stock worth $2,335,000 after buying an additional 69,416 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Amalgamated Financial by 26.5% during the 3rd quarter. Schroder Investment Management Group now owns 317,107 shares of the company’s stock worth $5,461,000 after buying an additional 66,420 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Amalgamated Financial by 178.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 98,865 shares of the company’s stock worth $1,702,000 after buying an additional 63,385 shares in the last quarter. 75.93% of the stock is currently owned by institutional investors.

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.