Zacks Investment Research Downgrades Access National (ANCX) to Hold
Zacks Investment Research lowered shares of Access National (NASDAQ:ANCX) from a buy rating to a hold rating in a research note published on Monday.
According to Zacks, “Access National Corporation serves as the holding company for Access National Bank and its subsidiaries, Access National Mortgage Corporation and Access National Leasing Corporation. “
A number of other research firms have also recently issued reports on ANCX. Maxim Group reiterated a buy rating and issued a $33.00 target price (up from $32.00) on shares of Access National in a research note on Monday, October 30th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $29.00 target price on shares of Access National in a research note on Tuesday, October 3rd. BidaskClub cut Access National from a hold rating to a sell rating in a research note on Saturday, December 9th. Sandler O’Neill set a $30.00 target price on Access National and gave the company a hold rating in a research note on Thursday, January 4th. Finally, Raymond James Financial upgraded Access National from a market perform rating to an outperform rating and set a $31.00 target price on the stock in a research note on Thursday, October 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Access National presently has an average rating of Hold and an average price target of $31.00.
Access National (NASDAQ ANCX) opened at $28.67 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $586.56, a price-to-earnings ratio of 27.30 and a beta of 0.95. Access National has a one year low of $24.36 and a one year high of $33.18.
In related news, insider Mark D. Moore acquired 3,972 shares of the business’s stock in a transaction that occurred on Friday, November 24th. The shares were acquired at an average cost of $27.84 per share, for a total transaction of $110,580.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired 4,744 shares of company stock worth $132,073 over the last quarter. 14.23% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Sandy Spring Bank bought a new stake in shares of Access National during the second quarter valued at about $141,000. Royal Bank of Canada raised its stake in shares of Access National by 53.1% during the second quarter. Royal Bank of Canada now owns 5,413 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 1,877 shares in the last quarter. Nationwide Fund Advisors raised its stake in shares of Access National by 53.9% during the second quarter. Nationwide Fund Advisors now owns 8,288 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 2,904 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Access National during the second quarter valued at about $236,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Access National during the second quarter valued at about $289,000. Institutional investors and hedge funds own 37.49% of the company’s stock.
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Access National Company Profile
Access National Corporation is a bank holding company. The Company operates through its subsidiary, Access National Bank (the Bank). The Bank offers a range of financial services and products, and specializes in providing customized financial services to small and medium sized businesses, professionals and associated individuals.
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