Amalgamated Financial Corp. (NASDAQ:AMAL) witnessed significant stock sales by Workers United, according to a recent SEC filing. The union reported selling shares worth approximately $4.88 million over several days in mid-November. The transactions occurred at prices ranging from $35.3001 to $36.5347 per share.
The sales were executed by various regional boards and joint boards under Workers United, including the Chicago & Midwest Regional Joint Board, Laundry, Distribution & Food Service Joint Board, and others. These sales resulted in a reduction of shares owned by the union, with post-transaction holdings totaling 7,263,422.93 shares.
Workers United, a ten percent owner of Amalgamated Financial, maintains its headquarters in Philadelphia. The union's activities are part of routine portfolio management and reflect its ongoing investment strategies.
In other recent news, Amalgamated Financial reported promising Q3 results for 2024, with robust growth in deposits and loans. The company's net income hit $27.9 million, or $0.90 per diluted share, and core net income reached $28 million, or $0.91 per diluted share. Deposits, including political and sustainable funds, saw a significant increase, with total deposits reaching $7.6 billion.
Loan growth was also impressive at 2.7%, focusing on commercial, industrial, and sustainable lending. The Tier 1 leverage ratio improved to 8.63%. The company revised its full-year guidance upwards, signaling optimism about growth opportunities, particularly in sustainable banking.
These developments come as Amalgamated Financial continues to target sustainable lending growth to support U.S. net-zero emissions by 2050. The company also expects stable charge-off rates in the mortgage market and projects to maintain an $8.35 billion balance sheet size by year-end. Further updates are anticipated at the upcoming Investor Day.
InvestingPro Insights
Amalgamated Financial Corp. (NASDAQ:AMAL) has been demonstrating strong financial performance, which may provide context for Workers United's recent stock sales. According to InvestingPro data, AMAL's stock has shown impressive returns, with a 70.2% price total return over the past year and a 37.66% return in the last six months. This robust performance aligns with an InvestingPro Tip indicating that AMAL has had a "Strong return over the last three months."
The company's financial health appears solid, with a P/E ratio of 10.29, suggesting it may be undervalued relative to its earnings. This is further supported by an InvestingPro Tip highlighting that AMAL is "Trading at a low P/E ratio relative to near-term earnings growth." Additionally, the company has demonstrated a commitment to shareholder value, with another InvestingPro Tip noting that it "Has raised its dividend for 3 consecutive years."
These insights may shed light on why Workers United might be capitalizing on the stock's recent strong performance to realize gains, while still maintaining a significant stake in the company. For investors seeking a deeper understanding of AMAL's potential, InvestingPro offers 7 additional tips that could provide valuable context for the company's future prospects.
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