Workers United, a collective of labor organizations, has divested a significant portion of its holdings in Amalgamated Financial Corp. (NASDAQ:AMAL), according to recent filings. The transactions, which took place over a series of days, resulted in the sale of equity amounting to over $5.1 million.
The sales occurred in multiple transactions at varying prices. On September 9, 2024, shares were sold in a price range of $30.6561 to $31.2350. The following day, shares were sold for between $30.00 and $30.6010. The selling continued on September 11, with shares going for $29.84 to $30.0274.
The total value of the shares sold by Workers United was approximately $5,182,238, indicating a notable reduction in their stake in the financial institution. The specifics of the transactions, including the exact number of shares sold at each price point within the reported ranges, have been made available upon request, as per the footnotes in the SEC filing.
This filing is a standard disclosure for significant shareholders and does not necessarily indicate a strategic shift for Workers United or Amalgamated Financial Corp. Investors and market watchers often scrutinize such sales for insights into institutional sentiment toward the stock in question.
Amalgamated Financial Corp., the issuer of the stock, is a commercial banking institution incorporated in Delaware. The bank's business address is listed at 275 Seventh Ave., New York, NY, with a business phone number of (212) 255-6200.
Investors and the public can access full details of the sale transactions through the Securities and Exchange Commission's EDGAR database, where the Form 4 filings are available.
In other recent news, Amalgamated Bank (NASDAQ:AMAL) has been in the spotlight for its robust financial performance. The bank reported earnings that surpassed expectations by $0.13 per share in the second quarter. This success was driven by a substantial growth in political deposits, which increased by over 20% quarter-over-quarter.
Keefe, Bruyette & Woods, in their recent analysis, raised the price target for the bank's stock from $30.00 to $35.00, maintaining an Outperform rating. The firm commended Amalgamated Bank's strategy of moving excess deposits off the balance sheet ahead of the fourth quarter, which is expected to reduce volatility in both margin and earnings leading into 2025.
The bank's balance sheet flexibility, strong profitability, and tangible book value growth nearing 220% annually were also noted as key factors contributing to the positive outlook. Furthermore, Amalgamated Bank reported a significant increase in deposits, reaching a total of $7.4 billion, and an improved Tier One leverage ratio.
These recent developments reflect the bank's solid financial position and potential for continued success in the upcoming years.
InvestingPro Insights
In light of the recent divestment by Workers United, Amalgamated Financial Corp. (NASDAQ:AMAL) remains a point of discussion among investors. According to InvestingPro data, Amalgamated Financial has a market capitalization of approximately $919.31 million, which provides a sense of the company's size within the financial sector. The company's P/E ratio stands at 9.2, suggesting a potentially undervalued stock when considering its near-term earnings growth potential. This aligns with one of the InvestingPro Tips that highlights AMAL's trading at a low P/E ratio relative to near-term earnings growth.
Furthermore, Amalgamated Financial has demonstrated a strong return over the past year with a 73.31% price total return, which is significant and indicates robust investor confidence. This is further reinforced by a 26.67% price total return over the last six months, adding to the positive outlook reflected in the share price. Another InvestingPro Tip to consider is that analysts have revised their earnings upwards for the upcoming period, which could signal future profitability and may explain the institution's strong performance.
For those looking deeper into Amalgamated Financial's financial health, the company's revenue growth over the last twelve months as of Q2 2024 stands at 8.84%, with a quarterly revenue growth at an impressive 12.39%. This growth trajectory is an essential factor for investors assessing the company's potential for sustained earnings.
For more insights and additional InvestingPro Tips related to Amalgamated Financial Corp., investors can visit https://www.investing.com/pro/AMAL. There are currently 8 additional tips available that provide a comprehensive analysis of the company's financials and market performance.
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