Access National Corporation (ANCX) Rating Reiterated by Maxim Group

Access National Corporation (NASDAQ:ANCX)‘s stock had its “buy” rating reissued by stock analysts at Maxim Group in a research note issued on Monday. They currently have a $33.00 price target on the financial services provider’s stock, up from their previous price target of $32.00. Maxim Group’s price objective points to a potential upside of 13.40% from the company’s previous close.

The analysts wrote, “ANCX reported 3Q17 core EPS of $0.42 (excluding non-recurring expenses related to ANCX’s April 1, 2017 merger with Middleburg Financial Corporation), versus consensus of $0.37. Management’s target for annualized cost savings is $11.6 million, to be achieved 65% in 2017 and 35% in 2018.””

Other equities research analysts also recently issued reports about the company. UBS AG raised Access National Corporation from a “market perform” rating to an “outperform” rating in a research report on Thursday, October 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $29.00 price target on shares of Access National Corporation in a research report on Tuesday, October 3rd. Raymond James Financial, Inc. raised Access National Corporation from a “market perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a research report on Thursday, October 26th. Zacks Investment Research raised Access National Corporation from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Friday, October 27th. Finally, BidaskClub raised Access National Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.33.

Access National Corporation (NASDAQ ANCX) opened at 29.10 on Monday. Access National Corporation has a 1-year low of $22.81 and a 1-year high of $33.18. The firm has a market cap of $593.38 million, a PE ratio of 27.56 and a beta of 1.00. The company has a 50 day moving average price of $28.09 and a 200 day moving average price of $27.34.

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In other news, Director J Randolph Babbitt bought 4,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The shares were acquired at an average cost of $25.53 per share, with a total value of $104,673.00. Following the completion of the transaction, the director now directly owns 9,126 shares in the company, valued at $232,986.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have purchased 4,955 shares of company stock worth $126,168. 14.23% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP grew its position in Access National Corporation by 18.1% during the third quarter. First Trust Advisors LP now owns 37,570 shares of the financial services provider’s stock worth $1,077,000 after buying an additional 5,749 shares in the last quarter. Susquehanna International Group LLP acquired a new stake in Access National Corporation during the second quarter worth about $494,000. California State Teachers Retirement System grew its position in Access National Corporation by 60.1% during the second quarter. California State Teachers Retirement System now owns 26,287 shares of the financial services provider’s stock worth $697,000 after buying an additional 9,869 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Access National Corporation by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 402,215 shares of the financial services provider’s stock worth $10,666,000 after buying an additional 28,042 shares in the last quarter. Finally, State Street Corp grew its position in Access National Corporation by 104.9% during the second quarter. State Street Corp now owns 239,989 shares of the financial services provider’s stock worth $6,366,000 after buying an additional 122,875 shares in the last quarter. 36.93% of the stock is currently owned by institutional investors and hedge funds.

Access National Corporation 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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