Zacks Investment Research downgraded shares of Amalgamated Bank (NASDAQ:AMAL) from a hold rating to a sell rating in a research note issued to investors on Monday morning.
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. “
Separately, ValuEngine upgraded shares of Amalgamated Bank from a sell rating to a hold rating in a report on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Amalgamated Bank has an average rating of Hold and an average price target of $20.42.
Shares of NASDAQ AMAL opened at $19.23 on Monday. Amalgamated Bank has a twelve month low of $13.25 and a twelve month high of $22.97.
Amalgamated Bank (NASDAQ:AMAL) last posted its earnings results on Monday, October 29th. The company reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. The firm had revenue of $47.59 million for the quarter, compared to analysts’ expectations of $46.44 million. On average, analysts predict that Amalgamated Bank will post 1.42 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in AMAL. Peregrine Capital Management LLC bought a new position in Amalgamated Bank in the third quarter worth about $3,330,000. TCW Group Inc. bought a new position in Amalgamated Bank in the third quarter worth about $2,122,000. Wells Fargo & Company MN bought a new position in Amalgamated Bank in the third quarter worth about $147,000. Keybank National Association OH bought a new position in Amalgamated Bank in the third quarter worth about $259,000. Finally, Alliancebernstein L.P. bought a new position in Amalgamated Bank in the third quarter worth about $6,003,000. 27.53% 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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