Amalgamated Financial trades at a forward multiple of about 9.7 times earnings — attractive for a bank with solid fundamentals and three beats over the four most recently reported quarters — but the stock has reached its near-term resistance target with minimal remaining upside, and declining revenue reduces the likelihood of a meaningful valuation re-rating at current levels.
Thesis pillars
- Weak Revenue Growth→Stable
- Earnings Beat Track Record→Stable
- Attractive Forward Valuation→Stable
- +1 more pillar — see the Why tab for full reasoning
Amalgamated Financial Corp. (AMAL) Stock Analysis
Breakout setup · Catalyst-Driven edge
Financial Services · Banks - Regional
Sell if holding. At $46.04, A.R:R is negative (-1.1) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: 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
Sell if holding. At $46.04, A.R:R is negative (-1.1) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: 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: Golden cross, above all MAs, RSI 60, MACD bullish. Score 5.0/10, moderate confidence.
Passes 7/10 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 20d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio 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
updated 2026-07-06Recent Developments — Amalgamated Financial Corp.
Latest news
- NEWS Amalgamated (AMAL) Market Conditions | Q4 2025: EPS Exceeds Expectations - Crowd Breakout Signals - Xã Thanh Hà — Xã Thanh Hà positive
- NEWS AMAL Amalgamated delivers 7.2 percent EPS upside in Q4 2025, shares edge higher on solid quarterly results. - Weak Momen — Cổng thông tin điện tử tỉnh Lào Cai positive
- NEWS AMAL Amalgamated delivers 7.2 percent EPS upside in Q4 2025, shares edge higher on solid quarterly results. - Viral Mome — Cổng thông tin điện tử tỉnh Lào Cai positive
- NEWS Amalgamated Financial Corp. Declares Quarterly Dividend of $0.17 (NASDAQ:AMAL) - MarketBeat — MarketBeat positive
- NEWS Amal Ltd Reports FY26 Financial Results, Declares Dividend of ₹1.50 Per Share - scanx.trade — scanx.trade positive
Generated 2026-07-06T05:51:45Z.
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.
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Rating Breakdown
1 floor-breaker
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $46.04, A.R:R is negative (-1.1) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: 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: Golden cross, above all MAs, RSI 60, MACD bullish. Prior stop was $43.54. Score 5.0/10, moderate confidence.
Take-profit target: $46.93 (+1.9% upside). Prior stop was $43.54. Stop-loss: $43.54.
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 13.4 (forward 10.2). TrendMatrix value score: 7.1/10. Verdict: Sell.
8 analysts cover AMAL with a consensus score of 4.0/5. Average price target: $48.
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.