Raymond James has initiated coverage of Amalgamated Bank (NASDAQ: AMAL) with an outperform rating and a price target of $55.00, implying roughly 14% upside from the bank’s closing price of $48.14 on August 31, 2026.
The firm’s bullish stance follows Amalgamated Financial Corp.’s second-quarter 2026 results, which exceeded market expectations. The bank reported earnings per share of $1.15, surpassing the $1.00 consensus estimate, and revenue of $98.4 million against a forecast of $92.09 million. Net income reached a record $34.8 million for the quarter.
Amalgamated Bank’s shares have gained 71% over the past year, trading at $48.10 on August 31, 2026, according to the report. Raymond James also valued the bank at 10.2 times its estimated 2027 earnings per share, underscoring confidence in its growth trajectory.
The coverage initiation was published by Raymond James on September 3, 2026, aligning with the broader momentum in U.S. regional banking stocks amid improving credit conditions and deposit stability.
