Atlantic Coast Financial Corporation (ACFC) Reaches New 52-Week High at $9.29

Shares of Atlantic Coast Financial Corporation (NASDAQ:ACFC) reached a new 52-week high on Tuesday . The company traded as high as $9.29 and last traded at $9.17, with a volume of 2640100 shares trading hands. The stock had previously closed at $9.07.

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

The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $146.98, a P/E ratio of 25.19 and a beta of 1.09.

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

Several institutional investors and hedge funds have recently bought and sold shares of ACFC. Dimensional Fund Advisors LP increased its position in shares of Atlantic Coast Financial Corporation by 6.6% during the first quarter. Dimensional Fund Advisors LP now owns 114,978 shares of the bank’s stock worth $876,000 after purchasing an additional 7,155 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Atlantic Coast Financial Corporation by 6.4% during the first quarter. Renaissance Technologies LLC now owns 254,300 shares of the bank’s stock worth $1,938,000 after purchasing an additional 15,200 shares in the last quarter. PL Capital Advisors LLC increased its position in shares of Atlantic Coast Financial Corporation by 0.5% during the second quarter. PL Capital Advisors LLC now owns 1,014,694 shares of the bank’s stock worth $7,955,000 after purchasing an additional 5,032 shares in the last quarter. Northern Trust Corp increased its position in shares of Atlantic Coast Financial Corporation by 1.2% during 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. Finally, Salem Investment Counselors Inc. increased its position in shares of 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 purchasing an additional 100,000 shares in the last quarter. Institutional investors and hedge funds own 55.52% 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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