Amalgamated Financial (NASDAQ:AMAL) Receives Overweight Rating from Piper Sandler

Amalgamated Financial (NASDAQ:AMAL)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a report issued on Friday, Benzinga reports. They currently have a $29.00 price target on the stock, up from their prior price target of $28.00. Piper Sandler’s target price suggests a potential upside of 17.89% from the stock’s previous close.

Several other brokerages have also recently issued reports on AMAL. JPMorgan Chase & Co. reduced their price objective on Amalgamated Financial from $33.00 to $29.50 and set an “overweight” rating for the company in a report on Thursday, April 4th. Keefe, Bruyette & Woods reduced their price objective on Amalgamated Financial from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Friday, April 5th.

Amalgamated Financial Stock Up 3.0 %

Amalgamated Financial stock opened at $24.60 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.65 and a quick ratio of 0.65. Amalgamated Financial has a 1-year low of $14.05 and a 1-year high of $27.77. The company has a market cap of $750.30 million, a PE ratio of 8.04 and a beta of 0.94. The stock’s 50 day moving average price is $23.20 and its 200 day moving average price is $22.88.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings data on Thursday, January 25th. The company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). The firm had revenue of $105.39 million for the quarter, compared to analyst estimates of $71.59 million. Amalgamated Financial had a return on equity of 16.81% and a net margin of 23.22%. During the same period in the prior year, the firm posted $0.83 earnings per share. On average, sell-side analysts predict that Amalgamated Financial will post 3.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Amalgamated Financial

A number of institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its holdings in shares of Amalgamated Financial by 50.5% in the fourth quarter. Parallel Advisors LLC now owns 1,633 shares of the company’s stock worth $44,000 after acquiring an additional 548 shares during the last quarter. Isthmus Partners LLC raised its holdings in shares of Amalgamated Financial by 1.4% in the fourth quarter. Isthmus Partners LLC now owns 98,285 shares of the company’s stock worth $2,648,000 after acquiring an additional 1,314 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Amalgamated Financial by 35.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,310 shares of the company’s stock worth $170,000 after acquiring an additional 1,665 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Amalgamated Financial by 20.2% in the fourth quarter. New York State Common Retirement Fund now owns 9,914 shares of the company’s stock worth $267,000 after acquiring an additional 1,667 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Amalgamated Financial by 29.6% in the fourth quarter. SG Americas Securities LLC now owns 10,290 shares of the company’s stock worth $277,000 after acquiring an additional 2,353 shares during the last quarter. 75.93% of the stock is owned by institutional investors and hedge funds.

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.