Amalgamated Financial Corp. (NASDAQ:AMAL) recently experienced significant stock sales by Workers United, a notable stakeholder. The union sold a total of 165,291 shares over a series of transactions conducted between November 8 and November 13, 2024. These sales amounted to approximately $6.08 million, with share prices ranging from $35.7695 to $37.2278.
The transactions were executed by various regional joint boards associated with Workers United, reflecting their continued adjustments in holdings of Amalgamated Financial's common stock. Following these sales, the collective ownership of these entities stands at over 7.37 million shares. This activity highlights the dynamic nature of stock ownership among major stakeholders in the company.
In other recent news, Amalgamated Financial has demonstrated strong growth in its third-quarter results for 2024. The company reported a net income of $27.9 million, or $0.90 per diluted share, and a core net income of $28 million, or $0.91 per diluted share. Notably, total deposits saw a significant increase to $7.6 billion, with a 2.7% growth in loans, primarily in the commercial, industrial, and sustainable lending sectors.
Amalgamated Financial also revised its full-year guidance upward, indicating optimism about its growth opportunities, especially in sustainable banking. The company's Tier 1 leverage ratio improved to 8.63% and aims to reach 9% in the near future. The bank's executives highlighted a strategic focus on higher-yielding options and a commitment to supporting the transition to a net-zero emissions economy in the U.S.
Furthermore, the company projects stable charge-off rates in the mortgage market and expects political deposit outflows to taper by year-end. However, it anticipates elevated expenses in Q4, including some one-time costs. More details about the company's operational strategies and financial outlook are expected to be shared at the upcoming Investor Day. These recent developments reflect Amalgamated Financial's robust growth and commitment to sustainability.
InvestingPro Insights
Amalgamated Financial Corp. (NASDAQ:AMAL) has been demonstrating strong financial performance, which may provide context for the recent stock sales by Workers United. According to InvestingPro data, AMAL's stock has shown impressive returns, with a 74.55% price total return over the past year and a 46.39% return in the last six months. This robust performance aligns with the InvestingPro Tip indicating a "high return over the last year."
Despite the recent stock sales, AMAL appears to be in a solid financial position. The company's P/E ratio stands at 10.66, which is relatively low compared to its earnings growth potential. This is further supported by an InvestingPro Tip suggesting that AMAL is "trading at a low P/E ratio relative to near-term earnings growth." Additionally, the company has been consistently profitable, with analysts predicting continued profitability for the current year.
AMAL's dividend policy is also noteworthy, with a current dividend yield of 1.31% and a 20% dividend growth rate over the last twelve months. An InvestingPro Tip highlights that the company "has raised its dividend for 3 consecutive years," which may be attractive to income-focused investors.
For readers interested in a more comprehensive analysis, InvestingPro offers 7 additional tips on AMAL, providing a deeper insight into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.