Raymond James initiated coverage of Amalgamated Financial Corp. on Thursday with an outperform rating and a $55 price target, implying roughly 14% upside from the current share price of $48.14.
The brokerage highlighted the bank’s second-quarter 2026 performance, which exceeded expectations with earnings per share of $1.15 against a consensus forecast of $1.00. Revenue reached $98.4 million, surpassing the projected $92.09 million, while net income hit a record $34.8 million. Raymond James described Amalgamated Bank as a highly profitable, commercially focused institution with a low-cost deposit franchise.
Analysts pointed to growth in commercial loans and Property Assessed Clean Energy (PACE) lending as key drivers of earnings expansion. They also noted the bank’s strategy to optimize its earning asset base through fixed-rate asset repricing. Further support is expected from ongoing investments in technology and the hiring of experienced commercial bankers as revenue scales, which should enhance organic growth and operating leverage.
The valuation multiple assigned by Raymond James stands at 10.2 times its 2027 earnings per share estimate. Amalgamated Financial Corp.’s shares have gained 71% over the past year, outperforming broader market benchmarks.
