Amalgamated Bank (NASDAQ:AMAL) Upgraded to Strong-Buy by Zacks Investment Research

Amalgamated Bank (NASDAQ:AMAL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $22.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 16.28% from the company’s current price.

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. “

Other analysts have also recently issued reports about the company. Barclays dropped their price target on Amalgamated Bank from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th. ValuEngine raised Amalgamated Bank from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd.

Shares of NASDAQ:AMAL traded down $0.13 during trading on Tuesday, reaching $18.92. 49,893 shares of the company’s stock traded hands, compared to its average volume of 55,725. Amalgamated Bank has a 12 month low of $14.58 and a 12 month high of $20.74. The company has a 50 day moving average of $18.30 and a 200-day moving average of $17.02. The stock has a market capitalization of $605.22 million, a P/E ratio of 13.91 and a beta of 0.43.

Amalgamated Bank (NASDAQ:AMAL) last released its quarterly earnings data on Monday, October 28th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $49.42 million for the quarter, compared to analyst estimates of $48.29 million. On average, research analysts anticipate that Amalgamated Bank will post 1.49 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in AMAL. Bank of Montreal Can bought a new position in shares of Amalgamated Bank during the second quarter worth about $30,000. BSW Wealth Partners acquired a new position in Amalgamated Bank during the 2nd quarter valued at about $34,000. JPMorgan Chase & Co. grew its position in Amalgamated Bank by 31.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,806 shares of the company’s stock worth $66,000 after purchasing an additional 920 shares during the last quarter. Marshall Wace LLP bought a new position in Amalgamated Bank in the 1st quarter worth about $135,000. Finally, Isthmus Partners LLC bought a new position in Amalgamated Bank in the 2nd quarter worth about $211,000. 38.74% 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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