Wall Street analysts forecast that Amalgamated Bank (NASDAQ:AMAL) will post sales of $49.22 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Amalgamated Bank’s earnings. The highest sales estimate is $49.50 million and the lowest is $48.90 million. Amalgamated Bank reported sales of $42.90 million in the same quarter last year, which indicates a positive year over year growth rate of 14.7%. The business is expected to announce its next quarterly earnings report on Monday, September 23rd.
According to Zacks, analysts expect that Amalgamated Bank will report full year sales of $198.65 million for the current financial year, with estimates ranging from $196.64 million to $199.82 million. For the next year, analysts forecast that the business will report sales of $212.49 million, with estimates ranging from $208.91 million to $215.80 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Amalgamated Bank.
Amalgamated Bank (NASDAQ:AMAL) last posted its earnings results on Tuesday, April 30th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The firm had revenue of $48.19 million for the quarter, compared to analyst estimates of $47.79 million.
AMAL has been the topic of a number of analyst reports. Zacks Investment Research lowered Amalgamated Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. ValuEngine lowered Amalgamated Bank from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Finally, Raymond James set a $19.00 price target on Amalgamated Bank and gave the company a “buy” rating in a research report on Thursday, April 4th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $20.21.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its stake in Amalgamated Bank by 679.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,502 shares of the company’s stock worth $39,000 after buying an additional 2,181 shares during the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in Amalgamated Bank during the 4th quarter worth approximately $86,000. MetLife Investment Advisors LLC purchased a new position in Amalgamated Bank during the 4th quarter worth approximately $117,000. Bank of America Corp DE grew its stake in Amalgamated Bank by 269.4% during the 4th quarter. Bank of America Corp DE now owns 7,437 shares of the company’s stock worth $144,000 after buying an additional 5,424 shares during the last quarter. Finally, American International Group Inc. grew its stake in Amalgamated Bank by 19.7% during the 4th quarter. American International Group Inc. now owns 7,787 shares of the company’s stock worth $152,000 after buying an additional 1,279 shares during the last quarter. Institutional investors and hedge funds own 39.97% of the company’s stock.
AMAL traded up $0.08 during mid-day trading on Friday, hitting $16.68. 17,754 shares of the stock were exchanged, compared to its average volume of 45,877. The firm’s fifty day moving average price is $17.23. Amalgamated Bank has a 1-year low of $14.58 and a 1-year high of $22.97. The company has a market cap of $530.81 million and a P/E ratio of 12.25.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were issued a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.44%. Amalgamated Bank’s payout ratio is currently 17.65%.
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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