Atlantic Coast Financial (ACFC) Downgraded by ValuEngine to “Hold”

ValuEngine downgraded shares of Atlantic Coast Financial (NASDAQ:ACFC) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Several other analysts also recently weighed in on the company. FBR & Co restated a hold rating and issued a $8.50 price objective on shares of Atlantic Coast Financial in a report on Monday, October 30th. Zacks Investment Research downgraded Atlantic Coast Financial from a hold rating to a sell rating in a report on Friday, September 22nd.

Shares of Atlantic Coast Financial (NASDAQ ACFC) traded up $0.02 on Friday, hitting $9.62. 107,832 shares of the stock were exchanged, compared to its average volume of 225,035. The stock has a market capitalization of $149.63, a price-to-earnings ratio of 26.67 and a beta of 1.09. Atlantic Coast Financial has a 1 year low of $6.63 and a 1 year high of $9.95. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.23 and a quick ratio of 1.23.

Atlantic Coast Financial (NASDAQ:ACFC) last issued its earnings results on Tuesday, October 24th. The bank reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.02). The company had revenue of $7.99 million for the quarter, compared to analysts’ expectations of $9.26 million. Atlantic Coast Financial had a net margin of 13.98% and a return on equity of 6.19%. equities analysts forecast that Atlantic Coast Financial will post 0.31 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in ACFC. Northern Trust Corp raised its holdings in Atlantic Coast Financial by 1.2% in the second quarter. Northern Trust Corp now owns 17,437 shares of the bank’s stock worth $137,000 after purchasing an additional 212 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Atlantic Coast Financial by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 118,256 shares of the bank’s stock valued at $945,000 after acquiring an additional 3,278 shares in the last quarter. PL Capital Advisors LLC increased its holdings in shares of Atlantic Coast Financial by 0.5% during the second quarter. PL Capital Advisors LLC now owns 1,014,694 shares of the bank’s stock valued at $7,955,000 after acquiring an additional 5,032 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Atlantic Coast Financial by 6.4% during the first quarter. Renaissance Technologies LLC now owns 254,300 shares of the bank’s stock valued at $1,938,000 after acquiring an additional 15,200 shares in the last quarter. Finally, Salzhauer Michael increased its holdings in shares of Atlantic Coast Financial by 19.7% during the third quarter. Salzhauer Michael now owns 186,180 shares of the bank’s stock valued at $1,640,000 after acquiring an additional 30,585 shares in the last quarter. Hedge funds and other institutional investors own 56.99% of the company’s stock.

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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.

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