Saturday, 12 December 2015

Atlantic Coast Financial Buoyed By Upward Mobility

On the back of its stock rating upgraded from a sell to a hold rating by The Street, the Atlantic Coast Financial Corp (NASDAQ:ACFC) has another ratings upgrade—this time from Zacks which has awarded it a buy rating.   The firm currently has $6.50 price objective on the stock.

According to Zacks, “Atlantic Coast Financial Corporation, formerly known as Atlantic Coast Federal Corporation, operates as a savings bank through its subsidiary Atlantic Coast Bank, a federally chartered and insured savings bank serving north-eastern Florida and south-eastern Georgia markets. The products offered by the bank includes checking accounts, savings accounts, money market accounts, demand deposit accounts, time deposit accounts, certificates of deposit, family residential first and second mortgage loans, home-equity loans, commercial real estate loans, commercial and residential construction loans, land and multi-family real estate loans, commercial business loans, and automobile and other consumer loans. Atlantic Coast Financial Corporation is based in Waycross, Georgia.“

In another piece of related news, ACFC CEO John Kenneth Jr. Stephens through an acquisition back in August secured 10,000 shares of the stock at an average price of $6.20 per share, at accrued cost of $62,000.00. That positions the CEO as one of the topmost stock holders of the company with 30,690 shares valued at $190,278 in the ballpark.

ACFC has been a key interest area for brokerages as it continues with its positive showing on NASDAQ.  Other than The Street and Zacks, FBR & Co. raised their price target on ACFC shares from $5.50 to $6.50 back in July.

About Atlantic Coast Financial

Atlantic Coast Financial Corporation is an publicly traded bank holding company headquartered in Jacksonville, Florida (a Maryland corporation) and listed on the NASDAQ Stock Market (NASDAQ: ACFC), which wholly owns Atlantic Coast Bank. Atlantic Coast Bank's services are focused primarily on Personal Banking and Business Banking in the Northeast Florida and Southeast Georgia regions.

In its May 2015 AGM, the Bank re-elected two directors for three-year terms: Bhanu Choudhrie, Executive Director of C&C Alpha Group Ltd, a London-based private equity group; and James D. Hogan, retired Chief Risk Officer of the Company and the Bank.

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