Atlantic Coast Financial Corp (NASDAQ:ACFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

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 northeastern Florida and southeastern 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. “

Atlantic Coast Financial Corp (NASDAQ:ACFC) remained flat at $7.76 during mid-day trading on Wednesday. The company had a trading volume of 9,460 shares. The company has a market capitalization of $119.82 million, a PE ratio of 18.65 and a beta of 0.80. Atlantic Coast Financial Corp has a 12 month low of $5.53 and a 12 month high of $8.35. The firm has a 50 day moving average price of $7.76 and a 200 day moving average price of $7.29.

Atlantic Coast Financial Corp (NASDAQ:ACFC) last posted its quarterly earnings data on Tuesday, April 25th. The bank reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. Atlantic Coast Financial Corp had a return on equity of 6.31% and a net margin of 14.88%. The company had revenue of $8.93 million for the quarter, compared to the consensus estimate of $8.79 million. Analysts forecast that Atlantic Coast Financial Corp will post $0.40 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This article was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another domain, it was copied illegally and reposted in violation of international copyright and trademark law. The correct version of this article can be accessed at https://www.americanbankingnews.com/2017/05/03/atlantic-coast-financial-corp-acfc-downgraded-by-zacks-investment-research-to-sell.html.

A number of large investors have recently bought and sold shares of ACFC. EJF Capital LLC increased its stake in Atlantic Coast Financial Corp by 110.2% in the third quarter. EJF Capital LLC now owns 904,707 shares of the bank’s stock valued at $5,727,000 after buying an additional 474,293 shares in the last quarter. Renaissance Technologies LLC increased its stake in Atlantic Coast Financial Corp by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 239,100 shares of the bank’s stock valued at $1,626,000 after buying an additional 11,000 shares in the last quarter. RMB Capital Management LLC increased its stake in Atlantic Coast Financial Corp by 1.2% in the fourth quarter. RMB Capital Management LLC now owns 835,547 shares of the bank’s stock valued at $5,682,000 after buying an additional 10,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Atlantic Coast Financial Corp by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 107,823 shares of the bank’s stock valued at $733,000 after buying an additional 4,500 shares in the last quarter. Institutional investors own 49.99% of the company’s stock.

About Atlantic Coast Financial Corp

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.

5 Day Chart for NASDAQ:ACFC

Get a free copy of the Zacks research report on Atlantic Coast Financial Corp (ACFC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Atlantic Coast Financial Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlantic Coast Financial Corp and related companies with MarketBeat.com's FREE daily email newsletter.