Amalgamated Bank (AMAL) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Amalgamated Bank (NASDAQ:AMAL) from a hold rating to a sell rating in a report released on Thursday.
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 downgraded shares of Amalgamated Bank from a hold rating to a sell rating in a research report on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Amalgamated Bank has an average rating of Hold and a consensus target price of $20.42.
Amalgamated Bank (NASDAQ:AMAL) last issued its quarterly earnings data 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 company had revenue of $47.76 million for the quarter, compared to analysts’ expectations of $47.82 million. On average, equities analysts predict that Amalgamated Bank will post 1.43 earnings per share for the current year.
A number of large investors have recently modified their holdings of AMAL. Peregrine Capital Management LLC bought a new stake in Amalgamated Bank in the 3rd quarter valued at about $3,330,000. TCW Group Inc. bought a new stake in shares of Amalgamated Bank during the 3rd quarter worth about $2,122,000. Wells Fargo & Company MN bought a new stake in shares of Amalgamated Bank during the 3rd quarter worth about $147,000. Keybank National Association OH bought a new stake in shares of Amalgamated Bank during the 3rd quarter worth about $259,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Amalgamated Bank during the 3rd quarter worth about $6,003,000. Hedge funds and other institutional investors own 28.52% of the company’s stock.
Amalgamated Bank Company Profile
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.
Featured Article: Does the discount rate affect the economy?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Amalgamated Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Amalgamated Bank and related companies with MarketBeat.com's FREE daily email newsletter.