Amalgamated Financial Corp. (NASDAQ:AMAL) recently witnessed significant stock sales by entities associated with Workers United. According to a recent SEC filing, a total of 135,661 shares were sold in three separate transactions, amounting to approximately $4.88 million. The sales occurred between November 14 and November 18, with share prices ranging from $35.3001 to $36.5347.
The Western States Regional Joint Board, Workers United Canada Council, and the Southern Region Workers United/SEIU were among the entities involved in these transactions. Following these sales, the cumulative shares owned by these entities now stand at over 7.24 million.
These transactions reflect the ongoing activities of major stakeholders in Amalgamated Financial Corp., a company that operates as a state commercial bank. Investors are likely to keep a close watch on such movements, as they can provide insights into the sentiment of large shareholders.
In other recent news, Amalgamated Financial has reported a robust Q3 performance in 2024, with notable growth in deposits and loans. The company's net income reached $27.9 million, while core net income stood at $28 million. Deposits saw a significant increase, climbing to $7.6 billion, bolstered by growth in political and sustainable funds. The company's loan growth was substantial at 2.7%, with a focus on commercial, industrial, and sustainable lending.
Amalgamated Financial also revised its full-year guidance upward and remains optimistic about 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.
These recent developments highlight Amalgamated Financial's commitment to growth and sustainability, with the company strategically focusing on higher-yielding options and playing a pivotal role in financing the transition to a net-zero emissions economy in the U.S. Further details about the company's operational strategies and financial outlook are expected to be shared at the upcoming Investor Day.
InvestingPro Insights
Amalgamated Financial Corp. (NASDAQ:AMAL) has demonstrated strong financial performance and market positioning, as evidenced by recent InvestingPro data and tips. The company's stock has shown remarkable resilience, with a 70.2% price total return over the past year and a 37.66% return in the last six months. This upward trajectory aligns with the recent stock sales by Workers United entities, potentially indicating a strategic move to capitalize on the stock's strong performance.
InvestingPro Tips highlight that AMAL has raised its dividend for three consecutive years, with a current dividend yield of 1.36%. This consistent dividend growth, coupled with a high shareholder yield, suggests a commitment to returning value to shareholders. The company's P/E ratio of 10.29 is relatively low compared to its near-term earnings growth, indicating potential undervaluation.
Financially, AMAL appears robust with a revenue of $303.03 million in the last twelve months as of Q3 2023, representing a 12.76% growth. The company's operating income margin stands at an impressive 49.97%, reflecting efficient operations.
These insights provide context to the recent insider sales and suggest that despite these transactions, AMAL maintains a strong financial position. Investors seeking more comprehensive analysis can access additional InvestingPro Tips, with 7 more tips available on the InvestingPro platform.
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