Raffles Associates LP bought a new position in Amalgamated Bank (NASDAQ:AMAL) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 51,000 shares of the company’s stock, valued at approximately $984,000. Amalgamated Bank accounts for approximately 0.9% of Raffles Associates LP’s investment portfolio, making the stock its 23rd biggest position.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMAL. American International Group Inc. bought a new position in shares of Amalgamated Bank in the 3rd quarter worth $126,000. Wells Fargo & Company MN bought a new position in shares of Amalgamated Bank in the 3rd quarter worth $147,000. Laurion Capital Management LP bought a new position in shares of Amalgamated Bank during the 3rd quarter valued at $193,000. Wedbush Securities Inc. bought a new position in shares of Amalgamated Bank during the 3rd quarter valued at $215,000. Finally, Credit Suisse AG bought a new position in shares of Amalgamated Bank during the 3rd quarter valued at $257,000. Institutional investors and hedge funds own 27.53% of the company’s stock.
Several research firms recently commented on AMAL. ValuEngine raised shares of Amalgamated Bank from a “sell” rating to a “hold” rating in a report on Tuesday, November 13th. Zacks Investment Research raised shares of Amalgamated Bank from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday, November 6th. Raymond James began coverage on shares of Amalgamated Bank in a report on Friday, September 7th. They set an “outperform” rating on the stock. Barclays began coverage on shares of Amalgamated Bank in a report on Wednesday, September 5th. They set an “overweight” rating and a $20.00 target price on the stock. Finally, Sandler O’Neill began coverage on shares of Amalgamated Bank in a report on Tuesday, September 4th. They set a “buy” rating and a $21.00 target price on the stock. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $20.42.
Shares of AMAL stock traded up $0.19 on Thursday, hitting $20.21. 2,263 shares of the company’s stock traded hands, compared to its average volume of 105,189. Amalgamated Bank has a one year low of $13.25 and a one year high of $22.97.
Amalgamated Bank (NASDAQ:AMAL) last released its earnings results on Monday, October 29th. The company reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.03. The business had revenue of $47.59 million for the quarter, compared to the consensus estimate of $46.44 million. Research analysts expect that Amalgamated Bank will post 1.42 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Friday, November 16th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, November 15th.
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Amalgamated Bank Company Profile
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 in the United States. 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 (lines of credit, letters of credit, and term loans).
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