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↑Improving
- Earnings Beat Track Record↑Improving
- Attractive Forward Valuation→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 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 $51.13, 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 $51.13, 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 6.0/10, moderate confidence.
Passes 5/8 gates (positive momentum, no SEC red flags, earnings proximity 83d 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.
Show full overview
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 2026-10-29Recent Developments — Amalgamated Financial Corp.
Latest news
- NEWS The 5 Most Interesting Analyst Questions From Amalgamated Financial’s Q2 Earnings Call - StockStory — StockStory neutral
- NEWS Amalgamated Financial (NASDAQ:AMAL) Sets New 1-Year High Following Dividend Announcement - MarketBeat — MarketBeat positive
- NEWS Amalgamated Financial (NASDAQ:AMAL) Bank Update Reaches NASDAQ? - Kalkine Media — Kalkine Media neutral
- NEWS Amalgamated Financial (AMAL) Q2 Earnings Report Preview: What To Look For - Yahoo Finance — Yahoo Finance neutral
- NEWS Amalgamated Financial (AMAL) Q2 Earnings Report Preview: What To Look For - TradingView — TradingView neutral
Generated 2026-10-29T11:20:24Z.
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
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
1 floor-breaker·1 ceiling hit
Technicals 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
Hold if already holding. Not a fresh buy at $51.13, 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 (−6.9%), stop $48.63 (−5.1%), A.R:R -0.6:1. Score 6.0/10, moderate confidence.
Analyst target $47.60 reached (−6.9% from $51.13); no take-profit level is published. Analyst target $47.60 reached (−6.9%), stop $48.63 (−5.1%), A.R:R -0.6:1. Stop-loss: $48.63.
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 13.7 (forward 11.0). TrendMatrix value score: 6.5/10. Verdict: Hold.
9 analysts cover AMAL with a consensus score of 4.0/5. Average price target: $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.