Amalgamated Financial (NASDAQ:AMAL) Stock Rating Reaffirmed by Piper Sandler

Amalgamated Financial (NASDAQ:AMAL)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $29.00 price objective on the stock, up from their prior price objective of $28.00. Piper Sandler’s target price would indicate a potential upside of 20.53% from the company’s previous close.

A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods lowered their price objective on Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, April 5th. JPMorgan Chase & Co. lowered their price objective on Amalgamated Financial from $33.00 to $29.50 and set an “overweight” rating on the stock in a research note on Thursday, April 4th.

Amalgamated Financial Stock Performance

NASDAQ:AMAL traded up $0.17 during mid-day trading on Friday, hitting $24.06. 40,537 shares of the stock were exchanged, compared to its average volume of 143,852. The firm’s 50-day simple moving average is $23.19 and its 200 day simple moving average is $22.82. Amalgamated Financial has a fifty-two week low of $14.05 and a fifty-two week high of $27.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market capitalization of $733.83 million, a price-to-earnings ratio of 8.37 and a beta of 0.94.

Amalgamated Financial (NASDAQ:AMAL) last posted its quarterly earnings data on Thursday, January 25th. The company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Amalgamated Financial had a return on equity of 16.60% and a net margin of 22.71%. The company had revenue of $105.39 million for the quarter, compared to the consensus estimate of $71.59 million. During the same quarter last year, the business earned $0.83 EPS. As a group, equities analysts anticipate that Amalgamated Financial will post 3.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Amalgamated Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in Amalgamated Financial during the 3rd quarter worth $137,000. Bank of New York Mellon Corp increased its position in Amalgamated Financial by 33.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 167,441 shares of the company’s stock valued at $2,883,000 after buying an additional 42,171 shares in the last quarter. Brown Advisory Inc. increased its position in Amalgamated Financial by 3.9% in the 3rd quarter. Brown Advisory Inc. now owns 862,875 shares of the company’s stock valued at $14,859,000 after buying an additional 32,733 shares in the last quarter. Principal Financial Group Inc. bought a new stake in Amalgamated Financial in the 3rd quarter valued at about $200,000. Finally, Assenagon Asset Management S.A. increased its position in Amalgamated Financial by 178.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 98,865 shares of the company’s stock valued at $1,702,000 after buying an additional 63,385 shares in the last quarter. Institutional investors own 75.93% of the company’s stock.

About Amalgamated Financial

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.