Long Position on AMAL @ $23.90 on 8/8/2022 (Momentum)

Amalgamated Financial Corp. (AMAL) operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. 

The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit. It also provides various commercial loans comprising commercial and industrial, multifamily mortgage, and commercial real estate loans; and retail loans, such as residential real estate, and consumer and other loans.

In addition, the company offers online banking, bill payment, online cash management, and safe deposit box rental services; debit and ATM cards; and trust, custody, and investment management services comprising asset safekeeping, corporate actions, income collections, proxy, account transition, asset transfers, and conversion management services.

Further, it provides investment products, such as equity, fixed-income, real estate, and alternative investment products; and brokerage, asset management, and insurance products. The company operates through its three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston, and digital banking platform.

On July 28th, AMAL reported 2nd Quarter June 2022 earnings of $0.65 per share on revenue of $65.9 million. The consensus earnings estimate was $0.55 per share on revenue of $59.8 million. Revenue grew 35.2% on a year-over-year basis. Since then, shares have formed a bullish "cup and handle"  and are on the cusp of breaking higher.

Entry Point: $23.90

Stop Loss: $22.00

Trading Range: $13.48 - $24.08

Target Price: $26.30

Position closed on 9/2/2022 at price of $22.00 with a -7.95% loss in 25 days.

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