Atlantic Coast Financial (ACFC) Lowered to “Hold” at ValuEngine

ValuEngine downgraded shares of Atlantic Coast Financial (NASDAQ:ACFC) from a buy rating to a hold rating in a research report report published on Friday, December 1st.

Several other equities analysts also recently weighed in on the company. Zacks Investment Research downgraded Atlantic Coast Financial from a hold rating to a sell rating in a research report on Tuesday, October 31st. FBR & Co reissued a hold rating and set a $8.50 price target on shares of Atlantic Coast Financial in a research report on Monday, October 30th.

Shares of Atlantic Coast Financial (ACFC) opened at $9.09 on Friday. Atlantic Coast Financial has a 12-month low of $6.63 and a 12-month high of $9.95. The company has a market capitalization of $141.38, a P/E ratio of 25.25 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 (NASDAQ:ACFC) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The firm had revenue of $7.99 million for the quarter, compared to analysts’ expectations of $9.26 million. Atlantic Coast Financial had a return on equity of 6.19% and a net margin of 13.98%. analysts predict that Atlantic Coast Financial will post 0.31 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its holdings in 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 buying an additional 212 shares in the last quarter. State Street Corp bought a new position in Atlantic Coast Financial in the 2nd quarter worth approximately $351,000. Salem Investment Counselors Inc. grew its holdings in 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 buying an additional 100,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Atlantic Coast Financial by 6.6% in the first 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 period. Finally, Salzhauer Michael lifted its position in 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 purchasing an additional 30,585 shares during the period. 56.99% of the stock is owned by hedge funds and other institutional investors.

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Atlantic Coast Financial Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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