Overview
Amalgamated Q3 core EPS beats analyst expectations
Net income for Q3 was $26.8 mln, up from $26.0 mln in prior qtr
Company repurchased 347,000 shares, totaling $10.4 mln
Outlook
Company did not provide specific guidance for future quarters
Result Drivers
NET INTEREST INCOME - Co's net interest income rose by $3.5 mln, driven by higher loan interest income and increased loan yields
DEPOSIT GROWTH - Political deposits increased by $235 mln, contributing to overall deposit growth
LOAN GROWTH - Net loans receivable increased by $77 mln, driven by commercial and industrial loan growth
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Core EPS | Beat | $0.91 | $0.87 (2 Analysts) |
Q3 EPS | $0.88 | ||
Q3 Core Net Income | $27.60 mln | ||
Q3 Net Income | $26.79 mln | ||
Q3 Net Interest Income | $76.44 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Amalgamated Financial Corp is $31.50, about 15.2% above its October 21 closing price of $26.70
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nBw1CvYQja
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)