FBR Capital Downgrades Atlantic Coast Federal to Hold

By Austin Angelo

Atlantic Coast Federal (NASDAQ: ACFC) received a Hold rating and an $8.50 price target from FBR Capital analyst Bob Ramsey today. The company’s shares closed yesterday at $7.63.

According to TipRanks.com, Ramsey is a 4-star analyst with an average return of 5.6% and a 60.7% success rate. Ramsey covers the Financial sector, focusing on stocks such as Seacoast Banking Corporation Of Florida, State National Companies Inc, and Pacific Premier Bancorp Inc.

Atlantic Coast Federal has an analyst consensus of Hold, with a price target consensus of $8.50.

Based on Atlantic Coast Federal’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $10.45 million and quarterly net profit of $1.48 million. In comparison, last year the company earned revenue of $10.76 million and had a net profit of $1.52 million.

Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is negative on the stock.

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Atlantic Coast Financial Corp. operates as a bank holding company for Atlantic Coast Bank. Through the bank, it offers a range of products and services such as deposits such as noninterest-bearing and interest-bearing demand, savings and money market demand, as well as time deposit accounts with terms ranging from three months to five years; and investments in loans, including commercial real estate, consumer loans, first mortgages on owner-occupied one-to four-family residences, and home equity loans. The company was founded on June 22, 2007 and is headquartered in Jacksonville, FL.