Amalgamated Bank (AMAL) Stock Rating Lowered by Zacks Investment Research
Amalgamated Bank (NASDAQ:AMAL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
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. “
Separately, ValuEngine raised Amalgamated Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $20.42.
Amalgamated Bank (NASDAQ:AMAL) last issued its earnings results on Tuesday, January 29th. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.06). The firm had revenue of $47.76 million during the quarter, compared to the consensus estimate of $47.82 million. As a group, research analysts expect that Amalgamated Bank will post 1.43 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. American International Group Inc. boosted its holdings in Amalgamated Bank by 19.7% in the fourth quarter. American International Group Inc. now owns 7,787 shares of the company’s stock valued at $152,000 after purchasing an additional 1,279 shares during the last quarter. Legal & General Group Plc purchased a new position in Amalgamated Bank in the third quarter valued at about $28,000. Penn Capital Management Co. Inc. boosted its holdings in Amalgamated Bank by 7.7% in the fourth quarter. Penn Capital Management Co. Inc. now owns 58,033 shares of the company’s stock valued at $1,132,000 after purchasing an additional 4,131 shares during the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in Amalgamated Bank in the fourth quarter valued at about $86,000. Finally, Bank of America Corp DE boosted its holdings in Amalgamated Bank by 269.4% in the fourth quarter. Bank of America Corp DE now owns 7,437 shares of the company’s stock valued at $144,000 after purchasing an additional 5,424 shares during the last quarter. 40.19% of the stock is owned by hedge funds and other institutional investors.
About Amalgamated Bank
Amalgamated Bank, together with its subsidiaries, provides commercial banking and retail banking products and services in the United States. The company offers deposit products, including time deposits, non-interest and interest-bearing demand accounts, savings and money market accounts, NOW accounts, and certificates of deposit.
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