Zacks Investment Research Upgrades Amalgamated Financial (NASDAQ:AMAL) to “Buy”

Amalgamated Financial (NASDAQ:AMALGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, Zacks.com reports. The firm currently has a $20.00 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 8.81% from the company’s previous close.

According to Zacks, “Amalgamated Financial Corp. is the bank holding company for Amalgamated Bank is a full-service commercial bank and a chartered trust company. It provides commercial banking and trust services nationally and offers products and services to both commercial and retail customers. Amalgamated Financial Corp., formerly known as Amalgamated Bank, is based in NEW YORK. “

Separately, Barclays boosted their price target on Amalgamated Financial from $21.00 to $22.00 in a report on Friday, January 28th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $20.25.

Shares of Amalgamated Financial stock traded up $0.79 on Monday, reaching $18.38. 417 shares of the stock were exchanged, compared to its average volume of 44,123. Amalgamated Financial has a twelve month low of $13.48 and a twelve month high of $19.99. The firm has a market capitalization of $571.89 million, a price-to-earnings ratio of 10.56 and a beta of 0.81. The business has a 50 day moving average price of $17.51 and a two-hundred day moving average price of $17.37.

Amalgamated Financial (NASDAQ:AMALGet Rating) last released its earnings results on Thursday, April 28th. The company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. During the same period last year, the company posted $0.41 EPS. On average, research analysts predict that Amalgamated Financial will post 1.96 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the business. Citigroup Inc. lifted its holdings in Amalgamated Financial by 117.4% in the third quarter. Citigroup Inc. now owns 1,972 shares of the company’s stock valued at $31,000 after acquiring an additional 1,065 shares during the period. Schroder Investment Management Group acquired a new stake in Amalgamated Financial in the 4th quarter valued at $35,000. Allspring Global Investments Holdings LLC acquired a new stake in Amalgamated Financial in the 1st quarter valued at $96,000. Denali Advisors LLC acquired a new position in Amalgamated Financial during the fourth quarter worth $109,000. Finally, Marshall Wace LLP purchased a new position in Amalgamated Financial during the first quarter valued at $135,000. 37.25% of the stock is owned by institutional investors.

Amalgamated Financial Company Profile (Get Rating)

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.

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