Access National (ANCX) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Access National (NASDAQ:ANCX) from a buy rating to a hold rating in a research report report published on Friday morning.
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. “
Several other equities analysts have also weighed in on ANCX. BidaskClub upgraded shares of Access National from a hold rating to a buy rating in a report on Friday, July 6th. Maxim Group reiterated a buy rating and issued a $31.00 price objective (down previously from $33.00) on shares of Access National in a report on Monday, July 30th. Keefe, Bruyette & Woods upgraded shares of Access National from a market perform rating to an outperform rating and boosted their price objective for the stock from $29.00 to $34.00 in a report on Monday, October 8th. Raymond James lowered shares of Access National from an outperform rating to a market perform rating in a report on Tuesday, July 10th. Finally, Stephens reiterated a buy rating and issued a $31.00 price objective on shares of Access National in a report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $31.50.
Access National (NASDAQ:ANCX) last posted its earnings results on Thursday, July 26th. The financial services provider reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.01). The business had revenue of $32.11 million for the quarter, compared to analyst estimates of $32.20 million. Access National had a net margin of 19.04% and a return on equity of 8.06%. On average, analysts predict that Access National will post 1.68 earnings per share for the current year.
Hedge funds have recently modified their holdings of the business. First Trust Advisors LP lifted its holdings in Access National by 21.1% in the 2nd quarter. First Trust Advisors LP now owns 46,155 shares of the financial services provider’s stock worth $1,320,000 after buying an additional 8,036 shares in the last quarter. Brown Advisory Inc. acquired a new position in Access National in the 1st quarter worth $725,000. Dimensional Fund Advisors LP lifted its holdings in Access National by 13.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 441,519 shares of the financial services provider’s stock worth $12,597,000 after buying an additional 53,165 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Access National by 52.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 664,488 shares of the financial services provider’s stock worth $18,958,000 after buying an additional 228,084 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new position in Access National in the 2nd quarter worth $1,697,000. Hedge funds and other institutional investors own 43.90% of the company’s stock.
About Access National
Access National Corporation operates as the bank holding company for Access National Bank that provides credit, deposit, mortgage, and wealth management services to small and medium sized businesses, professionals, and associated individuals primarily in the greater Washington, DC Metropolitan Area. The company operates through three segments: Commercial Banking, Mortgage Banking, and Wealth Management.
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