Amalgamated Bank (AMAL) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Amalgamated Bank (NASDAQ:AMAL) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $22.00 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. “

AMAL has been the subject of a number of other research reports. Keefe, Bruyette & Woods initiated coverage on shares of Amalgamated Bank in a report on Tuesday, September 4th. They set a market perform rating and a $19.00 target price for the company. ValuEngine lowered shares of Amalgamated Bank from a hold rating to a sell rating in a report on Thursday, November 1st. Piper Jaffray Companies initiated coverage on shares of Amalgamated Bank in a report on Tuesday, September 4th. They set a neutral rating and a $19.50 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of Amalgamated Bank in a report on Tuesday, September 4th. They set an overweight rating and a $21.00 target price for the company. Finally, Sandler O’Neill assumed coverage on shares of Amalgamated Bank in a report on Tuesday, September 4th. They set a buy rating and a $21.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $20.42.

Shares of Amalgamated Bank stock traded down $0.05 during trading hours on Tuesday, reaching $20.97. 24,959 shares of the company’s stock were exchanged, compared to its average volume of 76,608. Amalgamated Bank has a 1 year low of $13.25 and a 1 year high of $21.37.

Amalgamated Bank (NASDAQ:AMAL) last released its earnings results on Monday, October 29th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. The business had revenue of $47.59 million for the quarter, compared to analysts’ expectations of $46.44 million. Equities research analysts anticipate that Amalgamated Bank will post 1.42 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Friday, November 16th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Thursday, November 15th.

Several institutional investors and hedge funds have recently made changes to their positions in AMAL. BlackRock Inc. purchased a new stake in shares of Amalgamated Bank in the third quarter valued at about $12,879,000. Alliancebernstein L.P. purchased a new stake in shares of Amalgamated Bank in the third quarter valued at about $6,003,000. Trillium Asset Management LLC purchased a new stake in shares of Amalgamated Bank in the third quarter valued at about $4,596,000. Peregrine Capital Management LLC purchased a new stake in shares of Amalgamated Bank in the third quarter valued at about $3,330,000. Finally, FMR LLC purchased a new stake in shares of Amalgamated Bank in the third quarter valued at about $3,162,000. 0.56% of the stock is owned by hedge funds and other institutional investors.

Amalgamated Bank Company Profile

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 in the United States. 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 (lines of credit, letters of credit, and term loans).

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