Cornercap Investment Counsel Inc. Sells 10,905 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Cornercap Investment Counsel Inc. cut its stake in Amalgamated Financial Corp. (NASDAQ:AMAL) by 50.5% in the third quarter, HoldingsChannel reports. The fund owned 10,708 shares of the company’s stock after selling 10,905 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Amalgamated Financial were worth $336,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CWM LLC raised its stake in shares of Amalgamated Financial by 679.7% in the second quarter. CWM LLC now owns 1,380 shares of the company’s stock worth $38,000 after acquiring an additional 1,203 shares during the last quarter. US Bancorp DE raised its stake in shares of Amalgamated Financial by 28.4% during the third quarter. US Bancorp DE now owns 2,312 shares of the company’s stock worth $73,000 after buying an additional 512 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Amalgamated Financial by 12.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 4,816 shares of the company’s stock worth $126,000 after buying an additional 528 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Amalgamated Financial during the first quarter worth approximately $126,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Amalgamated Financial during the second quarter worth approximately $213,000. 75.93% of the stock is owned by institutional investors.

Amalgamated Financial Trading Down 2.5 %

AMAL opened at $35.56 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 10.46 and a beta of 0.91. The firm has a 50 day simple moving average of $32.88 and a 200 day simple moving average of $29.63. Amalgamated Financial Corp. has a fifty-two week low of $20.39 and a fifty-two week high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, October 24th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. Amalgamated Financial had a net margin of 24.19% and a return on equity of 16.00%. The firm had revenue of $111.76 million during the quarter, compared to the consensus estimate of $79.50 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. On average, sell-side analysts anticipate that Amalgamated Financial Corp. will post 3.46 earnings per share for the current year.

Amalgamated Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Tuesday, November 5th. Amalgamated Financial’s payout ratio is presently 14.12%.

Insider Buying and Selling at Amalgamated Financial

In other news, major shareholder States Regional Joint Western sold 63,004 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $32.81, for a total value of $2,067,161.24. Following the completion of the transaction, the insider now owns 423,022 shares in the company, valued at $13,879,351.82. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder United Canada Council Workers sold 82,464 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $31.05, for a total transaction of $2,560,507.20. Following the completion of the transaction, the insider now owns 440,401 shares of the company’s stock, valued at $13,674,451.05. This trade represents a 15.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 625,919 shares of company stock valued at $21,688,307. Corporate insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $35.00 price target (up from $30.00) on shares of Amalgamated Financial in a research note on Monday, July 29th.

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.