Atlantic Coast Financial Corporation (ACFC) Upgraded by Zacks Investment Research 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 note issued to investors on Monday, July 3rd.

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, FBR & Co cut shares of Atlantic Coast Financial Corporation from an “outperform” rating to a “market perform” rating and set a $8.50 price target for the company. in a report on Friday, June 9th.

Atlantic Coast Financial Corporation (NASDAQ ACFC) traded up 1.28% during trading on Monday, hitting $7.90. The stock had a trading volume of 9,281 shares. The company has a market cap of $122.08 million, a price-to-earnings ratio of 19.75 and a beta of 1.13. The firm’s 50-day moving average price is $7.82 and its 200-day moving average price is $7.69. Atlantic Coast Financial Corporation has a 52-week low of $5.84 and a 52-week high of $8.35.

Atlantic Coast Financial Corporation (NASDAQ:ACFC) last posted its quarterly earnings results on Tuesday, April 25th. The bank reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $8.93 million during the quarter, compared to analysts’ expectations of $8.79 million. Atlantic Coast Financial Corporation had a net margin of 14.79% and a return on equity of 6.48%. Analysts predict that Atlantic Coast Financial Corporation will post $0.40 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Atlantic Coast Financial Corporation by 6.6% in the first quarter. Dimensional Fund Advisors LP now owns 114,978 shares of the bank’s stock valued at $876,000 after buying an additional 7,155 shares in the last quarter. Salzhauer Michael boosted its position in Atlantic Coast Financial Corporation by 48.2% in the second quarter. Salzhauer Michael now owns 155,595 shares of the bank’s stock valued at $1,220,000 after buying an additional 50,595 shares in the last quarter. Renaissance Technologies LLC boosted its position in Atlantic Coast Financial Corporation by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 239,100 shares of the bank’s stock valued at $1,626,000 after buying an additional 11,000 shares in the last quarter. RMB Capital Management LLC boosted its position in Atlantic Coast Financial Corporation by 1.2% in the fourth quarter. RMB Capital Management LLC now owns 835,547 shares of the bank’s stock valued at $5,682,000 after buying an additional 10,000 shares in the last quarter. Finally, EJF Capital LLC boosted its position in Atlantic Coast Financial Corporation by 1.0% in the first quarter. EJF Capital LLC now owns 913,960 shares of the bank’s stock valued at $6,964,000 after buying an additional 9,253 shares in the last quarter. 48.31% of the stock is owned by hedge funds and other institutional investors.

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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