Atlantic Coast Financial Corporation (ACFC) Sees Unusually-High Trading Volume

Atlantic Coast Financial Corporation (NASDAQ:ACFC) saw unusually-strong trading volume on Friday . Approximately 1,380,746 shares changed hands during mid-day trading, an increase of 5,373% from the previous session’s volume of 25,229 shares.The stock last traded at $9.07 and had previously closed at $8.69.

A number of analysts have issued reports on ACFC shares. ValuEngine raised Atlantic Coast Financial Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 22nd. Zacks Investment Research downgraded Atlantic Coast Financial Corporation from a “hold” rating to a “sell” rating in a research report on Friday, September 22nd. Finally, FBR & Co reissued a “hold” rating and issued a $8.50 target price on shares of Atlantic Coast Financial Corporation in a research report on Monday, October 30th.

The stock has a market cap of $141.07, a PE ratio of 25.19 and a beta of 1.08. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.65.

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

A number of institutional investors have recently bought and sold shares of ACFC. Thomson Horstmann & Bryant Inc. purchased a new position in Atlantic Coast Financial Corporation during the third quarter worth about $3,394,000. Salem Investment Counselors Inc. grew its position in Atlantic Coast Financial Corporation by 1,351.4% during the second 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 grew its position in Atlantic Coast Financial Corporation by 40.1% during the third quarter. Dimensional Fund Advisors LP now owns 165,686 shares of the bank’s stock worth $1,460,000 after buying an additional 47,430 shares in the last quarter. State Street Corp purchased a new position in Atlantic Coast Financial Corporation during the second quarter worth about $351,000. Finally, Salzhauer Michael grew its position in Atlantic Coast Financial Corporation by 19.7% during the third quarter. Salzhauer Michael now owns 186,180 shares of the bank’s stock worth $1,640,000 after buying an additional 30,585 shares in the last quarter. Institutional investors and hedge funds own 51.99% of the company’s stock.

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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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