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

Key Points

• Piper Sandler downgraded Amalgamated Financial from "neutral" to "underweight," setting a price target of $27.00, suggesting a potential 6.54% downside from its previous close.
• In contrast, Keefe, Bruyette & Woods reduced their price target from $41.00 to $39.00 while maintaining an "outperform" rating on the stock.
• Amalgamated Financial reported an EPS of $0.88 for the last quarter, missing analyst estimates, with total revenue of $82.18 million compared to the forecast of $82.52 million.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) was downgraded by stock analysts at Piper Sandler from a "neutral" rating to an "underweight" rating in a research note issued on Tuesday, Marketbeat reports. They currently have a $27.00 price target on the stock, down from their previous price target of $34.00. Piper Sandler's price target suggests a potential downside of 3.19% from the company's previous close.

Separately, Keefe, Bruyette & Woods dropped their price objective on shares of Amalgamated Financial from $41.00 to $39.00 and set an "outperform" rating for the company in a research note on Friday, April 25th.

Amalgamated Financial Price Performance

Shares of Amalgamated Financial stock traded up $0.37 during trading on Tuesday, reaching $27.89. 142,799 shares of the company's stock were exchanged, compared to its average volume of 202,802. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.65 and a current ratio of 0.64. Amalgamated Financial has a 1-year low of $25.03 and a 1-year high of $38.19. The company has a market cap of $839.77 million, a P/E ratio of 8.35 and a beta of 0.89. The firm's 50-day moving average price is $30.95 and its 200 day moving average price is $30.71.

Amalgamated Financial (NASDAQ:AMAL - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.02). The business had revenue of $82.18 million for the quarter, compared to analyst estimates of $82.52 million. Amalgamated Financial had a return on equity of 15.21% and a net margin of 23.60%. As a group, research analysts anticipate that Amalgamated Financial will post 3.65 earnings per share for the current year.

Institutional Trading of Amalgamated Financial

A number of hedge funds have recently made changes to their positions in AMAL. Summit Securities Group LLC acquired a new stake in Amalgamated Financial during the 1st quarter worth approximately $26,000. Park Square Financial Group LLC bought a new position in shares of Amalgamated Financial during the fourth quarter valued at $41,000. Signaturefd LLC raised its stake in shares of Amalgamated Financial by 110.1% during the second quarter. Signaturefd LLC now owns 1,523 shares of the company's stock valued at $48,000 after acquiring an additional 798 shares during the last quarter. Virtus Advisers LLC bought a new stake in shares of Amalgamated Financial in the first quarter worth $51,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Amalgamated Financial in the fourth quarter worth $90,000. 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.