Trade Report: Today: Atlantic Coast Financial Corp. (ACFC) Lowered by The Zacks Investment Research

Today: Atlantic Coast Financial Corp. (ACFC) Lowered by The Zacks Investment Research

Atlantic Coast Financial Corp. (NASDAQ:ACFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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, FBR & Co set a $8.00 target price on Atlantic Coast Financial Corp. and gave the company a “buy” rating in a research note on Sunday, October 30th.

Shares of Atlantic Coast Financial Corp. (NASDAQ:ACFC) traded down 1.42% during trading on Monday, hitting $6.96. The company had a trading volume of 51,235 shares. The stock’s 50-day moving average price is $6.57 and its 200 day moving average price is $6.31. The company has a market capitalization of $107.46 million, a P/E ratio of 21.09 and a beta of 0.69. Atlantic Coast Financial Corp. has a 52 week low of $5.03 and a 52 week high of $7.08.

A number of hedge funds have recently added to or reduced their stakes in the company. EJF Capital LLC increased its stake in Atlantic Coast Financial Corp. by 110.2% in the third quarter. EJF Capital LLC now owns 904,707 shares of the company’s stock worth $5,727,000 after buying an additional 474,293 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Atlantic Coast Financial Corp. by 77.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 19,816 shares of the company’s stock worth $125,000 after buying an additional 8,628 shares during the last quarter. RMB Capital Management LLC increased its stake in Atlantic Coast Financial Corp. by 65.3% in the third quarter. RMB Capital Management LLC now owns 1,364,455 shares of the company’s stock worth $8,637,000 after buying an additional 538,908 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in Atlantic Coast Financial Corp. during the second quarter worth about $598,000. Finally, Banc Funds Co. LLC increased its stake in Atlantic Coast Financial Corp. by 8.8% in the second quarter. Banc Funds Co. LLC now owns 303,311 shares of the company’s stock worth $1,814,000 after buying an additional 24,600 shares during the last quarter. 48.97% of the stock is currently owned by institutional investors and hedge funds.

Atlantic Coast Financial Corp. Company Profile

Atlantic Coast Financial Corporation is a thrift holding company. The Company’s principal subsidiary is Atlantic Coast Bank (the Bank), a federally chartered thrift. The Bank provides banking services to individual and business customers primarily in Northeast Florida and Southeast Georgia. The Bank’s primary deposit products are checking, savings and certificates of deposit, and its primary lending products are residential mortgage, home equity, consumer loans, and commercial loans.

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