A well-settled stock with a positive outlook spurred rating agency Zacks to scale up the stock assessment for Atlantic Coast Financial Corp (NASDAQ:ACFC) from a hold rating to a buy rating. This comes hot on the heels of another rating provider, The Street, upgrading it from a sell to a hold rating in July. The firm currently has a $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 associated news, ACFC CEO John Kenneth Jr. Stephens became one of the topmost stakeholders when he acquired 10,000 shares of the stock in August at an average price of $6.20 per share valued at $190,278.
ACFC has been attracting brokerages as it has continued its upward mobility on NASDAQ. Other than The Street and Zacks, FBR & Co. had 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 a 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.