Amalgamated Financial: A Downgrade Is Getting Close

Amalgamated Financial continues to outperform, with shares up 29.9% since March and nearly doubling since May 2024. AMAL's organic deposit growth, improved margins, and robust balance sheet expansion underpin its ongoing operational strength. Despite elevated uninsured deposit exposure (57.2%) and non-performing assets (1.09%), asset quality and returns remain industry-leading. I maintain AMAL as a very soft 'Buy,' but would consider a downgrade after another 10% price appreciation. One bank that continues to impress me is Amalgamated Financial (AMAL). Back in late March of this year, I decided to reaffirm the institution as a "Buy" candidate. The firm had demonstrated strong growth when it came to its balance sheet.