UPDATE: JPMorgan Downgrades Amalgamated Bank (AMAL) to Neutral
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JPMorgan analyst Steven Alexopoulos downgraded Amalgamated Bank (NASDAQ: AMAL) from Overweight to Neutral with a price target of $17.50 (from $18.50).
The analyst comments "We are downgrading shares of Amalgamated from Overweight to Neutral following the company’s announcement that CFO Drew LaBenne will step down from his position and pursue an opportunity outside of the company, which marks the second high-profile departure from the Amalgamated's executive team in less than six months (with Keith Mestrich stepping down from the President and CEO role in January 2021). We see recent departures of CEO and CFO as introducing much more uncertainty ahead for the bank which could set the
company back from realizing its vision."
Shares of Amalgamated Bank closed at $16.44 yesterday.
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