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

Amalgamated Financial (NASDAQ:AMAL)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a report issued on Friday, Benzinga reports. They currently have a $29.00 target price on the stock, up from their previous target price of $28.00. Piper Sandler’s target price indicates a potential upside of 20.53% from the company’s previous close.

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

Amalgamated Financial Stock Performance

Amalgamated Financial stock traded up $0.17 during trading hours on Friday, hitting $24.06. The company had a trading volume of 40,537 shares, compared to its average volume of 143,852. The firm has a market cap of $733.83 million, a PE ratio of 8.37 and a beta of 0.94. 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 one year low of $14.05 and a one year high of $27.77. The firm has a 50-day moving average of $23.19 and a 200 day moving average of $22.82.

Amalgamated Financial (NASDAQ:AMAL) last announced its earnings results on Thursday, January 25th. The company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). Amalgamated Financial had a return on equity of 16.60% and a net margin of 22.71%. The business had revenue of $105.39 million for the quarter, compared to the consensus estimate of $71.59 million. During the same period in the prior year, the business posted $0.83 earnings per share. On average, sell-side analysts expect that Amalgamated Financial will post 3.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in shares of Amalgamated Financial by 50.5% during the fourth quarter. Parallel Advisors LLC now owns 1,633 shares of the company’s stock worth $44,000 after buying an additional 548 shares during the last quarter. AJOVista LLC acquired a new position in shares of Amalgamated Financial during the fourth quarter valued at about $94,000. Allspring Global Investments Holdings LLC bought a new stake in Amalgamated Financial in the 1st quarter worth about $126,000. SG Americas Securities LLC bought a new stake in Amalgamated Financial in the 3rd quarter worth about $137,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Amalgamated Financial by 35.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,310 shares of the company’s stock worth $170,000 after purchasing an additional 1,665 shares in the last quarter. 75.93% of the stock is currently 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.