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Lazard Asset Management LLC Lowers Holdings in Amalgamated Financial Corp. (NASDAQ:AMAL)

Defense World · Mar 7, 2023 05:13

Lazard Asset Management LLC decreased its stake in shares of Amalgamated Financial Corp. (NASDAQ:AMAL – Get Rating) by 37.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,140 shares of the company's stock after selling 1,919 shares during the quarter. Lazard Asset Management LLC's holdings in Amalgamated Financial were worth $70,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Brown Advisory Inc. purchased a new position in shares of Amalgamated Financial in the third quarter worth $21,137,000. Hamilton Lane Advisors LLC purchased a new position in shares of Amalgamated Financial in the third quarter worth $8,878,000. Dimensional Fund Advisors LP raised its stake in shares of Amalgamated Financial by 64.2% in the third quarter. Dimensional Fund Advisors LP now owns 432,580 shares of the company's stock worth $9,755,000 after purchasing an additional 169,063 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of Amalgamated Financial in the second quarter worth $2,488,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Amalgamated Financial by 2,136.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 111,800 shares of the company's stock worth $2,521,000 after purchasing an additional 106,800 shares during the last quarter. Hedge funds and other institutional investors own 48.99% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Piper Sandler decreased their price target on Amalgamated Financial from $29.00 to $28.00 and set an "overweight" rating for the company in a research note on Tuesday, December 20th. Keefe, Bruyette & Woods reduced their price objective on Amalgamated Financial from $32.00 to $29.00 and set an "outperform" rating for the company in a research report on Tuesday, January 31st.

Amalgamated Financial Stock Down 0.3 %

Amalgamated Financial stock opened at $22.99 on Tuesday. The stock has a market cap of $705.10 million, a PE ratio of 8.77 and a beta of 0.80. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.58 and a current ratio of 0.58. Amalgamated Financial Corp. has a one year low of $16.25 and a one year high of $27.33. The stock has a fifty day moving average of $23.25 and a 200 day moving average of $23.61.

Amalgamated Financial (NASDAQ:AMAL – Get Rating) last released its quarterly earnings results on Thursday, January 26th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.10. Amalgamated Financial had a return on equity of 16.72% and a net margin of 28.85%. The business had revenue of $71.57 million during the quarter, compared to analyst estimates of $73.11 million. As a group, sell-side analysts predict that Amalgamated Financial Corp. will post 3.1 EPS for the current year.

Amalgamated Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 20th. Shareholders of record on Monday, February 6th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Friday, February 3rd. Amalgamated Financial's dividend payout ratio is presently 15.27%.

Insider Buying and Selling at Amalgamated Financial

In other Amalgamated Financial news, EVP Sean Searby sold 2,096 shares of the business's stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $23.46, for a total transaction of $49,172.16. Following the completion of the sale, the executive vice president now owns 21,614 shares of the company's stock, valued at $507,064.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.12% of the stock is currently owned by corporate insiders.

Amalgamated Financial Company Profile

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Amalgamated Financial Corp. operates as a holding company for Amalgamated Bank. It offers commercial and retail banking, investment management, and trust custody segments. The company was founded in 1923 and is headquartered in New York, NY.