Amalgamated Financial Corp. (NASDAQ:AMAL) recently witnessed significant stock sales by its stakeholders, with transactions totaling approximately $4.36 million. The sales occurred over several days, with shares being sold at prices ranging from $33.9482 to $34.3162.
The transactions were carried out by various regional joint boards and councils affiliated with Workers United. These entities, including the Rochester Regional Joint Board and the Western States Regional Joint Board, are identified as ten percent owners, indicating their substantial stake in the company.
The stock sales were executed in multiple transactions, reflecting a strategic move by these stakeholders. The weighted average prices for the shares sold varied slightly across the transactions, indicating a consistent market performance during the sale period.
This activity highlights ongoing changes in the ownership structure of Amalgamated Financial Corp., as reported in the SEC filings. Investors and market watchers may view these transactions as part of broader strategic decisions by the stakeholders involved.
In other recent news, Amalgamated Financial showcased robust growth in its Q3 2024 earnings report. The company's net income reached a notable $27.9 million, with core net income standing at $28 million. A significant increase in deposits and loans, particularly in the realms of political and sustainable funds, was reported, with total deposits rising to $7.6 billion. The company also saw loan growth of 2.7%, primarily in commercial, industrial, and sustainable lending sectors.
The Tier 1 leverage ratio of Amalgamated Financial improved to 8.63%, with the company setting a goal to reach a 9% ratio in the future. The company has also revised its full-year guidance upwards, indicating optimism about its growth opportunities, specifically in sustainable banking.
These recent developments underscore Amalgamated Financial's commitment to growth and sustainability. The company's strategic focus on higher-yielding options and its role in financing the transition to a net-zero emissions economy in the U.S. are noteworthy. More details about the company's operational strategies and financial outlook are expected to be shared at the upcoming Investor Day.
InvestingPro Insights
Amalgamated Financial Corp. (NASDAQ:AMAL) has been demonstrating strong financial performance, which may provide context for the recent stock sales by major stakeholders. According to InvestingPro data, AMAL's market capitalization stands at $1.03 billion, with a P/E ratio of 9.8, suggesting the stock may be undervalued relative to its earnings.
The company's revenue growth is noteworthy, with a 12.52% increase over the last twelve months and a more impressive 15.66% growth in the most recent quarter. This growth trajectory aligns with an InvestingPro Tip indicating that AMAL is trading at a low P/E ratio relative to its near-term earnings growth, which could explain the high investor interest.
AMAL's financial health is further underscored by its dividend policy. An InvestingPro Tip reveals that the company has raised its dividend for three consecutive years, with a current dividend yield of 1.43%. This commitment to shareholder returns, coupled with a strong 87.13% price total return over the past year, may have influenced the timing of the stakeholder sales.
The stock's performance has been particularly robust in recent months, with a 37.83% price total return over the last six months. This aligns with another InvestingPro Tip highlighting AMAL's large price uptick over this period, potentially motivating some stakeholders to realize gains.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips that could provide deeper insights into AMAL's financial position and future prospects. These additional tips could be particularly valuable in understanding the full context of the recent stakeholder transactions.
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