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NEW YORK—Sean Searby, the Executive Vice President and Chief Information & Operations Officer of Amalgamated Financial Corp. (NASDAQ:AMAL), recently sold shares in the company. According to a filing with the Securities and Exchange Commission, Searby sold 3,000 shares of common stock on March 3 at a price of $32.49 per share, totaling approximately $97,470.
This transaction was part of a pre-established trading plan under Rule 10b5-1, which Searby adopted in July 2024. Following this sale, Searby retains ownership of 17,639.18 shares.
Additionally, on March 1, 370 shares were disposed of at $32.45 each as part of a restricted stock unit vesting, with a total transaction value of $12,006. These shares were withheld to cover tax obligations. The total shares owned by Searby after these transactions include a fractional share acquired through the company’s dividend reimbursement plan.
Amalgamated Financial Corp. is headquartered in New York and operates in the state commercial banks sector. With a market capitalization of approximately $968 million, the company has delivered a robust 35% return over the past year. According to InvestingPro analysis, the stock currently appears undervalued, with multiple ProTips and detailed metrics available for subscribers.
In other recent news, Amalgamated Bank reported robust financial results for the fourth quarter of 2024, exceeding expectations in both earnings per share (EPS) and revenue. The bank achieved an EPS of $0.90, surpassing the forecasted $0.78, and reported revenue of $77.89 million, which was above the anticipated $76.92 million. Despite these strong results, Piper Sandler recently downgraded Amalgamated Bank’s stock rating from Overweight to Neutral, citing uncertainties related to policy changes and ongoing litigation concerning environmental funding. The analysts expressed concerns over the Trump Administration’s proposed freeze on funding for environmental initiatives, which could impact the bank’s operations due to its focus on socially responsible banking. Additionally, Amalgamated Bank has provided guidance for 2025, projecting core pre-tax pre-provision earnings between $159 million and $163 million, with expectations of two Federal Reserve rate cuts. The bank plans to continue investing in sustainable lending and technology, aiming for significant revenue growth in 2026. These developments reflect the bank’s strategic focus on growth areas and its response to evolving market conditions.
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