Amalgamated Financial Corp. (NASDAQ:AMAL) recently saw significant stock activity as Workers United executed a series of transactions involving the company's common stock. The transactions, which took place between October 31 and November 4, 2024, involved the sale of a total of 129,263 shares, amounting to approximately $4.27 million.
These shares were sold at prices ranging from $32.6767 to $33.4142 per share. The sales were carried out by multiple entities under the Workers United umbrella, including the Rochester Regional Joint Board, Workers United, and other regional joint boards.
Following these transactions, Workers United and its associated entities continue to hold substantial positions in Amalgamated Financial, maintaining a significant presence in the company's shareholder base.
In other recent news, Amalgamated Financial has reported impressive growth for the third quarter of 2024. The company's net income reached a solid $27.9 million, with core net income standing at $28 million. The firm saw a significant increase in deposits, which climbed to $7.6 billion, and a noteworthy loan growth of 2.7% with a focus on commercial, industrial, and sustainable lending.
The company's Tier 1 leverage ratio improved to 8.63%, and they have revised their full-year guidance upwards, indicating a positive outlook for growth opportunities, especially in the realm of sustainable banking. Amalgamated Financial projects stable charge-off rates in the mortgage market, with potential improvements as interest rates decline.
It's also worth noting that analysts have highlighted the company's strong loan pipeline growth of 1% to 2% with robust yields, particularly in the commercial and industrial sectors. While the company expects some expenses to remain elevated in the fourth quarter, including some one-time costs, they remain optimistic about maintaining an $8.35 billion balance sheet size by year-end. These are among the recent developments for Amalgamated Financial.
InvestingPro Insights
Amalgamated Financial Corp. (NASDAQ:AMAL) has been demonstrating strong financial performance, which may provide context for the recent stock activity. According to InvestingPro data, AMAL's market capitalization stands at $1 billion, with a P/E ratio of 9.61, 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 robust growth is complemented by a healthy operating income margin of 49.93%, indicating efficient operations.
InvestingPro Tips highlight that AMAL has raised its dividend for three consecutive years, with a current dividend yield of 1.46%. This consistent dividend growth, coupled with a 20% increase in the last twelve months, may be attractive to income-focused investors.
The stock's performance has been particularly strong, with a 72.43% total return over the past year and a 31.09% return in the last six months. This aligns with the InvestingPro Tip noting AMAL's "High return over the last year" and "Strong return over the last three months."
These insights provide additional context to the recent stock sales by Workers United, suggesting that the transactions occurred during a period of strong performance for AMAL. Investors seeking more comprehensive analysis can find 6 additional tips on InvestingPro, offering a deeper understanding of Amalgamated Financial's market position and potential.
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