Amalgamated Bank (NASDAQ:AMAL) Expected to Post Quarterly Sales of $48.29 Million

Wall Street analysts expect Amalgamated Bank (NASDAQ:AMAL) to report $48.29 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Amalgamated Bank’s earnings, with the lowest sales estimate coming in at $48.27 million and the highest estimate coming in at $48.31 million. Amalgamated Bank posted sales of $47.59 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.5%. The company is scheduled to issue its next quarterly earnings report before the market opens on Monday, October 28th.

According to Zacks, analysts expect that Amalgamated Bank will report full-year sales of $193.05 million for the current year, with estimates ranging from $192.44 million to $193.66 million. For the next fiscal year, analysts anticipate that the business will post sales of $195.13 million, with estimates ranging from $194.06 million to $196.19 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Amalgamated Bank.

Amalgamated Bank (NASDAQ:AMAL) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. The business had revenue of $48.21 million during the quarter, compared to analysts’ expectations of $49.15 million.

Several research analysts have recently weighed in on AMAL shares. Zacks Investment Research cut Amalgamated Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, September 30th. ValuEngine upgraded Amalgamated Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Barclays decreased their price target on Amalgamated Bank from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, September 13th.

Shares of AMAL stock traded down $0.01 during mid-day trading on Friday, hitting $17.39. The company’s stock had a trading volume of 62,900 shares, compared to its average volume of 49,951. Amalgamated Bank has a 52-week low of $14.58 and a 52-week high of $22.97. The business has a 50-day moving average price of $16.12 and a 200 day moving average price of $16.55. The stock has a market cap of $547.10 million, a price-to-earnings ratio of 12.90 and a beta of 0.34.

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Amalgamated Bank by 2.4% during the second quarter. Vanguard Group Inc. now owns 1,120,321 shares of the company’s stock valued at $19,549,000 after acquiring an additional 25,916 shares during the last quarter. BlackRock Inc. increased its position in Amalgamated Bank by 16.1% in the second quarter. BlackRock Inc. now owns 884,496 shares of the company’s stock worth $15,435,000 after buying an additional 122,905 shares in the last quarter. Mendon Capital Advisors Corp increased its position in Amalgamated Bank by 2.1% in the second quarter. Mendon Capital Advisors Corp now owns 712,577 shares of the company’s stock worth $12,434,000 after buying an additional 14,694 shares in the last quarter. Reynders McVeigh Capital Management LLC increased its position in Amalgamated Bank by 8.5% in the second quarter. Reynders McVeigh Capital Management LLC now owns 239,327 shares of the company’s stock worth $4,176,000 after buying an additional 18,798 shares in the last quarter. Finally, Northern Trust Corp increased its position in Amalgamated Bank by 5.3% in the second quarter. Northern Trust Corp now owns 129,374 shares of the company’s stock worth $2,258,000 after buying an additional 6,454 shares in the last quarter. Institutional investors own 40.01% 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.

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Earnings History and Estimates for Amalgamated Bank (NASDAQ:AMAL)

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