Amalgamated Financial Corp. (NASDAQ:AMAL) has reported insider trading activity involving its Senior Executive Vice President and Chief Banking Officer, Sam D. Brown. According to the latest SEC filing, Brown engaged in multiple transactions involving the company's common stock.
On May 6, 2024, Brown sold a total of 8,994 shares of Amalgamated Financial Corp. at an average price of $25.47, netting approximately $229,077 from the sale. The transactions were carried out under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was adopted on December 13, 2023. This type of plan allows insiders to sell shares at predetermined times to avoid accusations of trading on non-public information.
The filing also revealed that shares were sold at prices ranging from $25.63 to $25.39, as indicated by the weighted average price of $25.47 mentioned in the footnotes. Brown has committed to providing further details regarding the number of shares sold at each price point within the range upon request.
In addition to the sales, the SEC filing disclosed that Brown exercised options to acquire 31,520 shares of common stock at a price of $14.65 per share, totaling $461,768. However, on the same day, Brown also surrendered 22,526 shares back to the company to cover the exercise price and taxes associated with the option exercise, at the same average price of $25.47, amounting to a total value of $573,737.
Following these transactions, Brown's ownership in Amalgamated Financial Corp. stands at 45,970 shares of common stock, which includes 351 shares acquired through the Employee Stock Purchase Program in the first quarter of 2024.
Investors often monitor insider buying and selling as it can provide insights into the executive's view of the company's current valuation and future prospects. Amalgamated Financial Corp., with its headquarters in New York and a commercial banking classification, continues to be a subject of interest for shareholders and potential investors alike.
InvestingPro Insights
Amalgamated Financial Corp. (NASDAQ:AMAL) has demonstrated a strong financial performance with several positive indicators that may interest investors. According to recent data from InvestingPro, the company boasts a market capitalization of $771.91M and a P/E ratio of 8.24, reflecting investor confidence in its earnings potential. The company's P/E ratio has remained stable, with a slight increase to 8.26 over the last twelve months as of Q1 2024, suggesting steady valuation levels.
InvestingPro Tips highlight that Amalgamated Financial Corp. has experienced a significant price uptick of 31.64% over the last six months, with analysts predicting the company will be profitable this year. This is further supported by the company's strong return over the last month, with a 12.89% price total return, and an impressive one-year price total return of 68.73%. These metrics underscore the company's robust performance and potential for continued growth.
For investors seeking more in-depth analysis and additional insights, InvestingPro offers numerous tips, including details on earnings revisions, profitability, and gross profit margins. Currently, there are 7 more InvestingPro Tips available that could provide valuable context for Amalgamated Financial Corp.'s recent insider trading activity and future outlook. To access these insights and enhance your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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