Amalgamated Financial currently trades at $49.89 and has been a dream stock for shareholders. It’s returned 214% since August 2021, nearly tripling the S&P 500’s 73.7% gain. The company has also beaten the index over the past six months as its stock price is up 23.8% thanks to its solid quarterly results.
Following the strength, is AMAL a buy right now? Or is the market overestimating its value? Find out in our full research report, it’s free.
Why Does Amalgamated Financial Spark Debate?
Founded in 1923 by labor unions seeking a financial institution aligned with worker values, Amalgamated Financial (NASDAQGM:AMAL) operates a values-oriented bank that provides commercial banking, trust services, and investment management to socially responsible organizations and individuals.
Two Things to Like:
1. Net Interest Income Drives Additional Growth Opportunities
Markets consistently prioritize net interest income over non-recurring fees, recognizing its superior quality compared to the more unpredictable revenue streams.
Amalgamated Financial’s net interest income has grown at a 12.9% annualized rate over the last five years, a step above the broader banking industry and in line with its total revenue. Its growth was driven by an increase in its net interest margin, which represents how much a bank earns in relation to its outstanding loans, as its loan book shrank throughout that period.
2. Growing TBVPS Reflects Strong Asset Base
We consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation.
Amalgamated Financial’s TBVPS increased by 10% annually over the last five years, and growth has recently accelerated as TBVPS grew at an impressive 15.5% annual clip over the past two years (from $20.61 to $27.47 per share).
One Reason to Be Careful:
Lackluster Revenue Growth
We at StockStory place the most emphasis on long-term growth, but within financials, a stretched historical view may miss recent interest rate changes, market returns, and industry trends. Amalgamated Financial’s recent performance shows its demand has slowed as its annualized revenue growth of 9.6% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
Final Judgment
Amalgamated Financial’s positive characteristics outweigh the negatives, and with its shares topping the market in recent months, the stock trades at 1.7× forward P/B (or $49.89 per share). Is now a good time to buy? See for yourself in our comprehensive research report, it’s free.
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