Piper Sandler Downgrades Amalgamated Financial (NASDAQ:AMAL) to Underweight

Amalgamated Financial (NASDAQ:AMAL) was downgraded by Piper Sandler from a “neutral” rating to an “underweight” rating in a report released on Tuesday, MarketBeat.com reports. They currently have a $27.00 price target on the stock, down from their previous price target of $34.00. Piper Sandler’s target price would indicate a potential downside of 1.93% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods reduced their price objective on Amalgamated Financial from $41.00 to $39.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th.

Amalgamated Financial Stock Performance

NASDAQ:AMAL opened at $27.53 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $842.14 million, a P/E ratio of 8.24 and a beta of 0.89. The firm has a 50-day moving average price of $31.06 and a two-hundred day moving average price of $30.83. Amalgamated Financial has a twelve month low of $25.03 and a twelve month high of $38.19.

Amalgamated Financial (NASDAQ:AMAL) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.02). Amalgamated Financial had a return on equity of 15.42% and a net margin of 23.60%. The business had revenue of $82.18 million for the quarter, compared to analysts’ expectations of $82.52 million. As a group, research analysts expect that Amalgamated Financial will post 3.65 earnings per share for the current fiscal year.

Institutional Trading of Amalgamated Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new position in shares of Amalgamated Financial during the 1st quarter worth $26,000. Park Square Financial Group LLC acquired a new position in Amalgamated Financial in the fourth quarter valued at $41,000. Signaturefd LLC lifted its position in Amalgamated Financial by 110.1% during the second quarter. Signaturefd LLC now owns 1,523 shares of the company’s stock worth $48,000 after buying an additional 798 shares during the period. Virtus Advisers LLC acquired a new stake in Amalgamated Financial in the 1st quarter worth about $51,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Amalgamated Financial in the 4th quarter valued at about $90,000. 75.93% of the stock is owned by hedge funds and other institutional investors.

Amalgamated Financial Company Profile

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.