Zacks Investment Research Lowers Access National (ANCX) to Hold

Zacks Investment Research cut shares of Access National (NASDAQ:ANCX) from a buy rating to a hold rating in a report published on Tuesday.

According to Zacks, “Access National Corporation serves as the holding company for Access National Bank and its subsidiaries, Access National Mortgage Corporation and Access National Leasing Corporation. “

A number of other equities analysts have also recently commented on ANCX. UBS Group raised Access National from a market perform rating to an outperform rating in a report on Thursday, October 26th. Raymond James Financial raised Access National from a market perform rating to an outperform rating and set a $31.00 target price for the company in a report on Thursday, October 26th. Maxim Group reissued a buy rating and set a $33.00 target price (up previously from $32.00) on shares of Access National in a report on Monday, October 30th. Keefe, Bruyette & Woods reissued a hold rating and set a $30.00 target price on shares of Access National in a report on Sunday, November 5th. Finally, Stephens started coverage on Access National in a report on Thursday, November 16th. They set an overweight rating and a $31.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Access National has an average rating of Hold and an average target price of $31.00.

Access National (ANCX) opened at $28.62 on Tuesday. The firm has a market capitalization of $587.07, a PE ratio of 35.33 and a beta of 0.84. Access National has a fifty-two week low of $24.36 and a fifty-two week high of $33.18. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.14.

Access National (NASDAQ:ANCX) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. Access National had a return on equity of 8.72% and a net margin of 11.96%. The business had revenue of $32.59 million during the quarter, compared to analysts’ expectations of $31.77 million. analysts forecast that Access National will post 1.95 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 12th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, February 9th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.10%. Access National’s dividend payout ratio (DPR) is presently 74.07%.

In related news, insider Mark D. Moore purchased 3,972 shares of the company’s stock in a transaction dated Friday, November 24th. The stock was acquired at an average cost of $27.84 per share, for a total transaction of $110,580.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders bought 4,744 shares of company stock valued at $132,073 over the last 90 days. Company insiders own 14.23% of the company’s stock.

Several hedge funds have recently bought and sold shares of ANCX. Schwab Charles Investment Management Inc. grew its position in shares of Access National by 67.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 23,724 shares of the financial services provider’s stock valued at $630,000 after purchasing an additional 9,586 shares in the last quarter. Swiss National Bank purchased a new stake in shares of Access National in the second quarter valued at approximately $626,000. JPMorgan Chase & Co. grew its position in shares of Access National by 113.4% in the second quarter. JPMorgan Chase & Co. now owns 35,080 shares of the financial services provider’s stock valued at $930,000 after purchasing an additional 18,640 shares in the last quarter. Alliancebernstein L.P. purchased a new stake in shares of Access National in the second quarter valued at approximately $289,000. Finally, Teachers Advisors LLC grew its position in shares of Access National by 115.0% in the second quarter. Teachers Advisors LLC now owns 26,846 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 14,360 shares in the last quarter. Institutional investors and hedge funds own 37.38% of the company’s stock.

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Access National Company Profile

Access National Corporation is a bank holding company. The Company operates through its subsidiary, Access National Bank (the Bank). The Bank offers a range of financial services and products, and specializes in providing customized financial services to small and medium sized businesses, professionals and associated individuals.

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