NEW YORK—Sean Searby, Executive Vice President and Chief Operations Officer of Amalgamated Financial Corp. (NASDAQ:AMAL), has sold 8,000 shares of the company's common stock. The transaction, carried out on October 30, was executed under a pre-established Rule 10b5-1 trading plan, which Searby adopted on July 30, 2024.
The shares were sold at a weighted average price of $34.1427, with prices ranging from $33.88 to $34.53. This sale resulted in a total transaction value of approximately $273,141. Following the sale, Searby retains ownership of 15,802 shares in the company.
Investors and stakeholders may request more detailed information regarding the specific sale prices by contacting Amalgamated Financial Corp. or the Securities and Exchange Commission.
In other recent news, Amalgamated Financial has reported robust growth in its Q3 2024 earnings call. The company's net income rose to $27.9 million, or $0.90 per diluted share, while core net income was $28 million, or $0.91 per diluted share. Deposits, including political and sustainable funds, climbed to $7.6 billion, and loan growth was notable at 2.7%, particularly in commercial, industrial, and sustainable lending. The firm's Tier 1 leverage ratio improved to 8.63%.
As part of recent developments, Amalgamated Financial revised its full-year guidance upward and appears optimistic about growth opportunities, especially in sustainable banking. The firm plans to maintain an $8.35 billion balance sheet size by year-end, while aiming for a Tier 1 leverage ratio of 9%. The company's executives, Jason Darby and Priscilla Sims Brown, have emphasized a strategic approach to maturing below-market loans and focusing on higher-yielding options, demonstrating a commitment to growth and sustainability.
Amalgamated Financial is set to reveal its return of capital strategy in Q4 and will provide further updates at the upcoming Investor Day. The company's performance and operational strategies suggest a stable path forward, with a pivotal role in financing the transition to a net-zero emissions economy in the U.S.
InvestingPro Insights
While Sean Searby's recent stock sale might raise eyebrows, Amalgamated Financial Corp. (NASDAQ:AMAL) continues to show promising financial indicators. According to InvestingPro data, AMAL's P/E ratio stands at 9.8, suggesting the stock may be undervalued relative to its earnings. This is further supported by an InvestingPro Tip indicating that AMAL is trading at a low P/E ratio relative to its near-term earnings growth.
The company's financial health appears robust, with revenue growth of 12.52% over the last twelve months as of Q3 2024. Moreover, AMAL boasts an impressive operating income margin of 49.93% for the same period, highlighting its operational efficiency.
Another InvestingPro Tip reveals that AMAL has raised its dividend for three consecutive years, potentially signaling management's confidence in the company's future cash flows. This commitment to shareholder returns is further evidenced by a dividend yield of 1.41% and a remarkable dividend growth of 20% over the last twelve months.
Investors seeking a more comprehensive analysis can access additional insights through InvestingPro, which offers 6 more tips for AMAL, providing a deeper understanding of the company's financial position and market performance.
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