$49.22 Million in Sales Expected for Amalgamated Bank (NASDAQ:AMAL) This Quarter

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Brokerages expect that Amalgamated Bank (NASDAQ:AMAL) will announce sales of $49.22 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Amalgamated Bank’s earnings. The lowest sales estimate is $48.90 million and the highest is $49.50 million. Amalgamated Bank posted sales of $42.90 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 14.7%. The business is scheduled to report its next earnings results on Monday, September 23rd.

According to Zacks, analysts expect that Amalgamated Bank will report full-year sales of $198.65 million for the current financial year, with estimates ranging from $196.64 million to $199.82 million. For the next financial year, analysts anticipate that the company will post sales of $212.49 million, with estimates ranging from $208.91 million to $215.80 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Amalgamated Bank.

Amalgamated Bank (NASDAQ:AMAL) last announced its earnings results on Tuesday, April 30th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The business had revenue of $48.19 million for the quarter, compared to analysts’ expectations of $47.79 million.

AMAL has been the subject of several research analyst reports. Zacks Investment Research lowered Amalgamated Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 15th. ValuEngine lowered Amalgamated Bank from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Finally, Raymond James set a $19.00 target price on Amalgamated Bank and gave the company a “buy” rating in a research report on Thursday, April 4th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Amalgamated Bank presently has a consensus rating of “Buy” and an average target price of $20.21.

Shares of Amalgamated Bank stock traded up $0.12 during trading hours on Friday, hitting $17.45. 59,304 shares of the company’s stock traded hands, compared to its average volume of 48,094. Amalgamated Bank has a 12-month low of $14.58 and a 12-month high of $22.97. The stock has a market capitalization of $554.40 million and a PE ratio of 12.83. The stock’s fifty day moving average is $17.17.

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $0.24 annualized dividend and a dividend yield of 1.38%. Amalgamated Bank’s payout ratio is 17.65%.

Hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA grew its stake in shares of Amalgamated Bank by 679.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,502 shares of the company’s stock worth $39,000 after acquiring an additional 2,181 shares during the period. Metropolitan Life Insurance Co. NY bought a new position in shares of Amalgamated Bank during the 4th quarter worth $86,000. MetLife Investment Advisors LLC bought a new position in shares of Amalgamated Bank during the 4th quarter worth $117,000. Bank of America Corp DE grew its stake in shares of Amalgamated Bank by 269.4% during the 4th quarter. Bank of America Corp DE now owns 7,437 shares of the company’s stock worth $144,000 after acquiring an additional 5,424 shares during the period. Finally, American International Group Inc. grew its stake in shares of Amalgamated Bank by 19.7% during the 4th quarter. American International Group Inc. now owns 7,787 shares of the company’s stock worth $152,000 after acquiring an additional 1,279 shares during the period. Institutional investors own 39.97% of the company’s stock.

Amalgamated Bank Company Profile

Amalgamated Bank, together with its subsidiaries, provides commercial banking and retail banking products and services in the United States. The company offers deposit products, including time deposits, non-interest and interest-bearing demand accounts, savings and money market accounts, NOW accounts, and certificates of deposit.

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Earnings History and Estimates for Amalgamated Bank (NASDAQ:AMAL)

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