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/Mis Actual Consensu

s s

Estimate

Q3 Core Beat $0.91 $0.87 (2

EPS Analysts

)

Q3 EPS $0.88

Q3 Core $27.60

Net mln

Income

Q3 Net $26.79

Income mln

Q3 Net $76.44

Interest mln

Income

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 ( AMAL ) 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:

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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.)