Amalgamated Bank (NASDAQ:AMAL) Rating Lowered to Hold at Zacks Investment Research

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Amalgamated Bank (NASDAQ:AMAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Amalgamated Bank provides personal and commercial banking products and services to working families, unions, commercial real estate industries, healthcare markets, institutional investors, law firms, non-profits and political organizations. The company offers checking, savings, certificates of deposit, money market and individual retirement accounts; home equity lines of credit options, mortgages and personal loans and lines of credit options and commercial loans. It also provides services for online banking and bill pay, organization banking, investment management, small business banking, treasury management, commercial banking and real estate aspects. The company’s operates primarily in Manhattan, Roosevelt Island, Bronx, Brooklyn, and Queens, New York; Pasadena, California; and Washington, District Of Columbia. Amalgamated Bank is based in NEW YORK. “

AMAL has been the topic of several other research reports. Raymond James set a $19.00 price objective on shares of Amalgamated Bank and gave the company a “buy” rating in a research report on Thursday, April 4th. ValuEngine cut shares of Amalgamated Bank from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $19.93.

NASDAQ AMAL opened at $17.70 on Wednesday. Amalgamated Bank has a 12 month low of $14.58 and a 12 month high of $22.97. The company has a market cap of $562.33 million and a PE ratio of 13.01. The business’s 50 day moving average price is $17.14.

Amalgamated Bank (NASDAQ:AMAL) last released its earnings results on Tuesday, April 30th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $48.19 million for the quarter, compared to the consensus estimate of $47.79 million. Sell-side analysts anticipate that Amalgamated Bank will post 1.45 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA boosted its stake in shares of Amalgamated Bank by 679.4% during the first quarter. BNP Paribas Arbitrage SA now owns 2,502 shares of the company’s stock valued at $39,000 after purchasing an additional 2,181 shares during the period. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Amalgamated Bank during the fourth quarter valued at $86,000. MetLife Investment Advisors LLC purchased a new stake in shares of Amalgamated Bank during the fourth quarter valued at $117,000. Bank of America Corp DE boosted its stake in shares of Amalgamated Bank by 269.4% during the fourth quarter. Bank of America Corp DE now owns 7,437 shares of the company’s stock valued at $144,000 after purchasing an additional 5,424 shares during the period. Finally, American International Group Inc. boosted its stake in shares of Amalgamated Bank by 19.7% during the fourth quarter. American International Group Inc. now owns 7,787 shares of the company’s stock valued at $152,000 after purchasing an additional 1,279 shares during the period. 39.97% of the stock is owned by institutional investors.

About Amalgamated Bank

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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