Amalgamated Financial Corp. (NASDAQ:AMAL) recently witnessed significant stock sales by Workers United, a major shareholder. According to a recent filing, Workers United sold shares totaling approximately $4.36 million. The sales occurred over several transactions at prices ranging from $33.9482 to $34.3162 per share.
These transactions were carried out by various regional joint boards under the Workers United umbrella, including the Rochester Regional Joint Board, Philadelphia Joint Board, and others. Post-transaction, these entities still hold substantial shares in Amalgamated Financial Corp., reflecting their ongoing investment interest in the company.
The sales were executed between October 28 and October 30, 2024, and were disclosed in a filing with the Securities and Exchange Commission. The transactions highlight Workers United's strategic financial maneuvers while maintaining a significant stake in the financial services company.
In other recent news, Amalgamated Financial has reported robust growth for its third quarter of 2024. The company's net income reached $27.9 million, or $0.90 per diluted share, and core net income stood at $28 million, or $0.91 per diluted share. Deposits saw a substantial increase, climbing to $7.6 billion, with loan growth reported at 2.7%. The company also improved its Tier 1 leverage ratio to 8.63%.
These recent developments indicate a positive trajectory for Amalgamated Financial. The company has revised its full-year guidance upward and is optimistic about growth opportunities, particularly in sustainable banking. Analysts note that the bank is targeting sustainable lending growth to support U.S. net-zero emissions by 2050.
In response to these developments, analysts have not made any significant upgrades or downgrades. However, they have noted the company's stable financial outlook and strategic operational strategies. Amalgamated Financial is expected to reveal more about its return of capital strategy in the fourth quarter.
InvestingPro Insights
While Workers United has recently sold a substantial amount of Amalgamated Financial Corp. (NASDAQ:AMAL) shares, the company's financial metrics and market performance suggest a strong underlying business. According to InvestingPro data, AMAL's stock has shown impressive momentum, with a 37.83% price total return over the past six months and a remarkable 87.13% return over the last year.
The company's financial health appears robust, with a P/E ratio of 9.8, indicating that 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 its near-term earnings growth, with a PEG ratio of 0.6 for the last twelve months as of Q3 2024.
Additionally, AMAL has demonstrated a commitment to shareholder returns, with an InvestingPro Tip noting that the company has raised its dividend for three consecutive years. The current dividend yield stands at 1.43%, with a strong dividend growth of 20% in the last twelve months as of Q3 2024.
For investors seeking more comprehensive analysis, InvestingPro offers 8 additional tips for AMAL, providing deeper insights into the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.