Access National (ANCX) Rating Lowered to Hold at Zacks Investment Research
Access National (NASDAQ:ANCX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Access National Corporation serves as the holding company for Access National Bank and its subsidiaries, Access National Mortgage Corporation and Access National Leasing Corporation. “
Other research analysts have also issued research reports about the company. BidaskClub upgraded Access National from a “sell” rating to a “hold” rating in a report on Friday. UBS Group upgraded Access National from a “market perform” rating to an “outperform” rating in a report on Thursday, October 26th. Raymond James Financial upgraded Access National from a “market perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a report on Thursday, October 26th. Stephens began coverage on Access National in a report on Thursday, November 16th. They set an “overweight” rating and a $31.00 price target on the stock. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $30.00 price target on shares of Access National in a report on Sunday, November 5th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Access National presently has a consensus rating of “Hold” and a consensus target price of $31.00.
Access National (NASDAQ:ANCX) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. Access National had a return on equity of 8.72% and a net margin of 11.96%. The business had revenue of $32.59 million for the quarter, compared to analyst estimates of $31.77 million. equities research analysts expect that Access National will post 1.95 earnings per share for the current fiscal year.
In related news, insider Mark D. Moore acquired 3,972 shares of Access National stock in a transaction that occurred on Friday, November 24th. The shares were purchased at an average cost of $27.84 per share, for a total transaction of $110,580.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders purchased 4,744 shares of company stock worth $132,073. 14.23% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of ANCX. Royal Bank of Canada raised its holdings in Access National by 53.1% in the 2nd quarter. Royal Bank of Canada now owns 5,413 shares of the financial services provider’s stock valued at $143,000 after buying an additional 1,877 shares during the period. Nationwide Fund Advisors raised its holdings in Access National by 53.9% in the 2nd quarter. Nationwide Fund Advisors now owns 8,288 shares of the financial services provider’s stock valued at $220,000 after buying an additional 2,904 shares during the period. Alliancebernstein L.P. purchased a new stake in Access National in the 2nd quarter valued at about $289,000. Citadel Advisors LLC purchased a new stake in Access National in the 4th quarter valued at about $291,000. Finally, GSA Capital Partners LLP purchased a new stake in Access National in the 3rd quarter valued at about $365,000. Hedge funds and other institutional investors own 37.38% of the company’s stock.
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About Access National
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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