Zacks Investment Research upgraded shares of Amalgamated Bank (NASDAQ:AMAL) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. The brokerage currently has $20.00 price objective on the stock.
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. “
A number of other brokerages have also commented on AMAL. ValuEngine raised Amalgamated Bank from a sell rating to a hold rating in a report on Monday, May 20th. Raymond James set a $19.00 price objective on Amalgamated Bank and gave the company a buy rating in a report on Thursday, April 4th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $19.93.
Amalgamated Bank (NASDAQ:AMAL) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.01. The company had revenue of $48.19 million for the quarter, compared to analyst estimates of $47.79 million. On average, sell-side analysts forecast that Amalgamated Bank will post 1.45 EPS for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Martingale Asset Management L P acquired a new stake in Amalgamated Bank in the 4th quarter valued at approximately $295,000. Roubaix Capital LLC acquired a new stake in Amalgamated Bank in the 1st quarter valued at approximately $863,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Amalgamated Bank in the 4th quarter valued at approximately $255,000. Foresters Investment Management Company Inc. grew its holdings in Amalgamated Bank by 105.8% in the 4th quarter. Foresters Investment Management Company Inc. now owns 328,800 shares of the company’s stock valued at $6,412,000 after buying an additional 169,000 shares during the last quarter. Finally, RMB Capital Management LLC grew its holdings in Amalgamated Bank by 36.2% in the 4th quarter. RMB Capital Management LLC now owns 588,256 shares of the company’s stock valued at $11,471,000 after buying an additional 156,337 shares during the last quarter. 39.97% of the stock is currently owned by hedge funds and other 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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