Zacks Investment Research Upgrades Atlantic Coast Financial Corporation (ACFC) to “Hold”

Atlantic Coast Financial Corporation (NASDAQ:ACFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Atlantic Coast Financial Corporation, formerly known as Atlantic Coast Federal Corporation, operates as a savings bank through its subsidiary Atlantic Coast Bank, a federally chartered and insured savings bank serving northeastern Florida and southeastern Georgia markets. The products offered by the bank includes checking accounts, savings accounts, money market accounts, demand deposit accounts, time deposit accounts, certificates of deposit, family residential first and second mortgage loans, home-equity loans, commercial real estate loans, commercial and residential construction loans, land and multi-family real estate loans, commercial business loans, and automobile and other consumer loans. Atlantic Coast Financial Corporation is based in Waycross, Georgia. “

Separately, ValuEngine upgraded Atlantic Coast Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 22nd.

Atlantic Coast Financial Corporation (NASDAQ:ACFC) opened at 8.55 on Monday. Atlantic Coast Financial Corporation has a 52-week low of $6.26 and a 52-week high of $8.89. The stock’s 50 day moving average is $8.45 and its 200-day moving average is $7.96. The firm has a market capitalization of $132.43 million, a PE ratio of 21.38 and a beta of 1.13.

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Hedge funds have recently made changes to their positions in the business. Northern Trust Corp grew its holdings in Atlantic Coast Financial Corporation by 1.2% during the second quarter. Northern Trust Corp now owns 17,437 shares of the bank’s stock valued at $137,000 after purchasing an additional 212 shares during the last quarter. State Street Corp acquired a new position in Atlantic Coast Financial Corporation during the second quarter valued at approximately $351,000. Salem Investment Counselors Inc. grew its holdings in Atlantic Coast Financial Corporation by 1,351.4% during the second quarter. Salem Investment Counselors Inc. now owns 107,400 shares of the bank’s stock valued at $842,000 after purchasing an additional 100,000 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Atlantic Coast Financial Corporation by 6.6% during the first quarter. Dimensional Fund Advisors LP now owns 114,978 shares of the bank’s stock valued at $876,000 after purchasing an additional 7,155 shares during the last quarter. Finally, Salzhauer Michael grew its holdings in Atlantic Coast Financial Corporation by 48.2% during the second quarter. Salzhauer Michael now owns 155,595 shares of the bank’s stock valued at $1,220,000 after purchasing an additional 50,595 shares during the last quarter. Institutional investors own 49.52% of the company’s stock.

About Atlantic Coast Financial Corporation

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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