Amalgamated Financial grows 22% YoY at 10.7x forward earnings, but 81% of loans are NYC rent-stabilized multifamily, 82% of exposure is in three regions, insiders sold $83M, and the price is above the analyst target.
Thesis pillars
- Loan Book Concentration→Stable
- Strong Growth Profitability→Stable
- Earnings Beat Record↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Mar 5, 2026
Amalgamated Financial Corp. (AMAL) Stock Analysis
Financial Services · Banks - Regional
Hold if already holding. Not a fresh buy at $50.82, but acceptable to hold if already in. Reasons: Single-region cliff: 82% exposure to New York, California, and Washington, D.C. (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: New York, California, and Washington, D.C. (82.4%).
Amalgamated Financial Corp. is the Delaware holding company for Amalgamated Bank, a New York state-chartered commercial bank founded in 1923 by a labor union and marketed as 'America's socially responsible bank' to unions, nonprofits, foundations, and values-aligned businesses.... Read more
Hold if already holding. Not a fresh buy at $50.82, but acceptable to hold if already in. Reasons: Single-region cliff: 82% exposure to New York, California, and Washington, D.C. (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: New York, California, and Washington, D.C. (82.4%). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.2/10, moderate confidence.
Passes 6/9 gates (positive momentum, no SEC red flags, news events none recent, earnings proximity 76d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and clean insider activity and finsvc regional cliff hard block. Suitability: aggressive.
About Amalgamated Financial Corp.
About Amalgamated Financial Corp.
Amalgamated Bank concentrates its lending and deposit-gathering in three metropolitan markets — New York City, Washington, D.C., and San Francisco, plus a Boston commercial office — with 82.4% of the properties securing its commercial real estate, multifamily, and construction loans located in New York, California, and Washington, D.C. as of December 31, 2025. The bank markets itself as 'America's socially responsible bank,' built on a century-old relationship with labor unions, nonprofits, and values-aligned businesses, and Workers United (successor to founding union Amalgamated Clothing Workers of America) still holds approximately 38% of the company's equity.
Amalgamated earns net interest income from commercial and industrial, commercial real estate, multifamily, and consumer loans (predominantly residential solar) funded by relationship deposits from values-based commercial clients, consumer customers, and 'political deposits' from campaigns and party committees that swing seasonally with election cycles, plus fee income from trust, custody, and investment management services where Invesco serves as principal sub-adviser. The loan book is real-estate-heavy: multifamily loans make up 33.2% of the total portfolio and commercial real estate mortgages another 7.3%, and within the New York State multifamily book specifically, $821.5 million of the $1.01 billion outstanding — 81% — is secured by rent-stabilized or rent-controlled apartments subject to New York's 2019 Housing Stability and Tenant Protection Act, which curtails landlords' ability to raise rents or exit rent regulation.
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Amalgamated's deposit base carries a funding-stability wrinkle uncommon among regional banks: political deposits from campaigns, PACs, and party committees exhibit pronounced seasonality tied to election cycles, meaning deposit levels can swing with the calendar rather than purely with economic conditions — a stated risk factor rather than an incidental detail. That seasonality compounds the bank's geographic concentration risk: because the 'vast majority' of operations and clients sit in New York City, Washington, D.C., and San Francisco, a downturn or acute local disruption (the filing specifically flags terrorism risk in these markets) would hit both the deposit funding side and the loan book at the same time, rather than being diversified away by a national branch footprint.
See also: Financial Services · Banks - Regional
From Amalgamated Financial Corp.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
No fresh coverage since Oct 21, 2026
Recent Developments — Amalgamated Financial Corp.
Latest news
- NEWS Can Amalgamated Financial (NASDAQ:AMAL) Defend a 3.78% Margin When Third-Quarter Earnings Land on Thursday? - kalkine.ca — kalkine.ca Oct 21, 2026 neutral
- NEWS What To Expect From Amalgamated Financial’s (AMAL) Q3 Earnings - Yahoo Finance — Yahoo Finance Oct 21, 2026 neutral
- NEWS What To Expect From Amalgamated Financial’s (AMAL) Q3 Earnings - FinancialContent — FinancialContent Oct 21, 2026 neutral
- NEWS What To Expect From Amalgamated Financial’s (AMAL) Q3 Earnings - The Chronicle-Journal — The Chronicle-Journal Oct 21, 2026 neutral
- NEWS Brokers Set Expectations for AMAL Q3 Earnings - MarketBeat — MarketBeat Oct 14, 2026 neutral
Latest item Oct 21, 2026 · Generated 2026-11-05T11:34:06Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHGeographicNew York, California, and Washington, D.C.82%10-K Item 1A: 'at December 31, 2025, 82.4% of the properties securing our CRE, multifamily, or construction loans outstanding were located in the states of New York and California, and in Washington, D.C.'
- MEDIUMloan_portfoliomultifamily loans33%10-K Item 1A: 'The majority of our loan portfolio is secured by real estate, 33.2% of which is multifamily and 7.3% of which is commercial real estate.'
- HIGHloan_portfoliorent stabilized/controlled NYC multifamily loans81%10-K Item 1A: 'At December 31, 2025, our total multifamily loan exposure in New York State is approximately $1.01 billion, of which approximately $821.5 million, or 81%, represents our portfolio’s composition of rent stabilized and rent controlled apartments in the New York City multifamily market.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 ceiling hit
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $50.82, but acceptable to hold if already in. Reasons: Single-region cliff: 82% exposure to New York, California, and Washington, D.C. (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: New York, California, and Washington, D.C. (82.4%). Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Analyst target $47.60 reached (−6.3%), stop $48.30 (−5.2%), A.R:R -0.6:1. Score 6.2/10, moderate confidence.
Analyst target $47.60 reached (−6.3% from $50.82); no take-profit level is published. Analyst target $47.60 reached (−6.3%), stop $48.30 (−5.2%), A.R:R -0.6:1. Stop-loss: $48.30.
Single-region cliff: 82% exposure to New York, California, and Washington, D.C. (≥60% threshold). Regional macroeconomic shock = idiosyncratic terminal risk.; Concentration risk — Geographic: New York, California, and Washington, D.C. (82.4%); Concentration risk — Loan Portfolio: rent stabilized/controlled NYC multifamily loans (81.0%).
Amalgamated Financial Corp. trades at a P/E of 12.5 (forward 10.9). TrendMatrix value score: 6.6/10. Verdict: Hold.
9 analysts rate AMAL, with a consensus score of 4.0/5. 3 analysts publish price targets averaging $56.
What does Amalgamated Financial Corp. do?Amalgamated Financial Corp. is the Delaware holding company for Amalgamated Bank, a New York state-chartered commercial...
Amalgamated Financial Corp. is the Delaware holding company for Amalgamated Bank, a New York state-chartered commercial bank founded in 1923 by a labor union and marketed as 'America's socially responsible bank' to unions, nonprofits, foundations, and values-aligned businesses. The bank operates in New York City, Washington, D.C., San Francisco, and Boston, offering commercial and consumer banking, lending, and trust/custody/investment management, with Workers United still holding approximately 38% of company equity as of December 31, 2025.