Zacks: Atlantic Coast Financial Corp (ACFC) Given Consensus Recommendation of “Hold” by Analysts
Shares of Atlantic Coast Financial Corp (NASDAQ:ACFC) have earned a consensus broker rating score of 3.00 (Hold) from the one brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation.
Brokerages have set a twelve-month consensus price objective of $8.50 for the company and are expecting that the company will post $0.08 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Atlantic Coast Financial an industry rank of 53 out of 265 based on the ratings given to related companies.
ACFC has been the topic of several research analyst reports. Zacks Investment Research raised shares of Atlantic Coast Financial from a “sell” rating to a “hold” rating in a research note on Monday, October 9th. FBR & Co reaffirmed a “hold” rating and issued a $8.50 price objective on shares of Atlantic Coast Financial in a research note on Monday, October 30th. Finally, ValuEngine raised shares of Atlantic Coast Financial from a “hold” rating to a “buy” rating in a research note on Friday, September 22nd.
Atlantic Coast Financial (NASDAQ:ACFC) traded down $0.03 during trading on Friday, reaching $9.43. 12,800 shares of the company’s stock traded hands, compared to its average volume of 52,020. The firm has a market cap of $146.67, a PE ratio of 24.82 and a beta of 1.09. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.23 and a current ratio of 1.23. Atlantic Coast Financial has a 52-week low of $6.76 and a 52-week high of $9.95.
Atlantic Coast Financial (NASDAQ:ACFC) last released its earnings results on Tuesday, October 24th. The bank reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.02). The company had revenue of $7.99 million for the quarter, compared to analyst estimates of $9.26 million. Atlantic Coast Financial had a net margin of 13.98% and a return on equity of 6.19%. equities research analysts anticipate that Atlantic Coast Financial will post 0.31 earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp grew its stake in shares of Atlantic Coast Financial by 1.2% in the 2nd quarter. Northern Trust Corp now owns 17,437 shares of the bank’s stock worth $137,000 after purchasing an additional 212 shares during the last quarter. State Street Corp acquired a new position in shares of Atlantic Coast Financial in the 2nd quarter worth approximately $351,000. Salem Investment Counselors Inc. grew its stake in shares of Atlantic Coast Financial by 1,351.4% in the 2nd quarter. Salem Investment Counselors Inc. now owns 107,400 shares of the bank’s stock worth $842,000 after purchasing an additional 100,000 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Atlantic Coast Financial by 6.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 114,978 shares of the bank’s stock worth $876,000 after purchasing an additional 7,155 shares during the last quarter. Finally, Salzhauer Michael increased its position in shares of Atlantic Coast Financial by 19.7% in the third quarter. Salzhauer Michael now owns 186,180 shares of the bank’s stock worth $1,640,000 after acquiring an additional 30,585 shares in the last quarter. 56.99% of the stock is currently owned by institutional investors.
About Atlantic Coast Financial
Atlantic Coast Financial Corporation is a thrift holding company. The Company, through its subsidiary, Atlantic Coast Bank (the Bank), a federally chartered and insured stock savings bank supervised by the Office of the Comptroller of the Currency (the OCC), serves the Northeast Florida, Central Florida and Southeast Georgia markets.
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