Raffles Associates LP Buys Shares of 51,000 Amalgamated Bank (AMAL)

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).

Read More: Stock Symbols, CUSIP and Other Stock Identifiers

Want to see what other hedge funds are holding AMAL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amalgamated Bank (NASDAQ:AMAL).

Institutional Ownership by Quarter for Amalgamated Bank (NASDAQ:AMAL)

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