Connor Clark & Lunn Investment Management Ltd. Buys 60,143 Shares of Amalgamated Financial Corp. (NASDAQ:AMAL)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Amalgamated Financial Corp. (NASDAQ:AMAL) by 146.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,232 shares of the company’s stock after purchasing an additional 60,143 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.33% of Amalgamated Financial worth $3,388,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. US Bancorp DE grew its stake in shares of Amalgamated Financial by 28.1% in the 4th quarter. US Bancorp DE now owns 2,962 shares of the company’s stock worth $99,000 after buying an additional 650 shares in the last quarter. USA Financial Formulas purchased a new position in Amalgamated Financial in the fourth quarter worth about $34,000. R Squared Ltd bought a new stake in Amalgamated Financial during the fourth quarter worth approximately $38,000. Martingale Asset Management L P lifted its stake in shares of Amalgamated Financial by 2.0% in the 3rd quarter. Martingale Asset Management L P now owns 72,873 shares of the company’s stock valued at $2,286,000 after purchasing an additional 1,450 shares during the last quarter. Finally, New York State Teachers Retirement System purchased a new position in shares of Amalgamated Financial in the 4th quarter worth approximately $55,000. 75.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Amalgamated Financial news, EVP Tyrone Graham sold 3,317 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $30.50, for a total transaction of $101,168.50. Following the transaction, the executive vice president now directly owns 11,449 shares in the company, valued at $349,194.50. This trade represents a 22.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder States Regional Joint Western sold 1,327 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $34.29, for a total value of $45,502.83. Following the completion of the sale, the insider now owns 7,121,506 shares of the company’s stock, valued at $244,196,440.74. This represents a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,916 shares of company stock valued at $1,035,526. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

AMAL has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their price target on Amalgamated Financial from $41.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler lowered shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $42.00 to $38.00 in a report on Friday, February 21st.

Amalgamated Financial Price Performance

Shares of AMAL stock opened at $29.70 on Tuesday. The stock has a 50 day moving average price of $33.52 and a 200 day moving average price of $33.58. Amalgamated Financial Corp. has a 52-week low of $21.33 and a 52-week high of $38.19. 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 firm has a market capitalization of $911.40 million, a P/E ratio of 8.61 and a beta of 0.93.

Amalgamated Financial (NASDAQ:AMAL) last issued its earnings results on Thursday, January 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts predict that Amalgamated Financial Corp. will post 3.65 earnings per share for the current year.

Amalgamated Financial announced that its board has approved a stock repurchase plan on Monday, March 10th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Amalgamated Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were given a dividend of $0.14 per share. The ex-dividend date was Tuesday, February 11th. This is a positive change from Amalgamated Financial’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.89%. Amalgamated Financial’s dividend payout ratio (DPR) is 16.23%.

Amalgamated Financial 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.