Access National Corp. (ANCX) Lifted to “Buy” at Zacks Investment Research
Access National Corp. (NASDAQ:ANCX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $28.00 price objective on the financial services provider’s stock. Zacks Investment Research’s price objective points to a potential upside of 13.59% from the stock’s current price.
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. “
A number of other research analysts have also commented on ANCX. Raymond James Financial Inc. raised Access National Corp. from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a report on Thursday, August 25th. Maxim Group started coverage on Access National Corp. in a report on Thursday, August 25th. They issued a “buy” rating and a $21.50 price objective on the stock. FBR & Co reaffirmed a “hold” rating on shares of Access National Corp. in a report on Monday, July 18th. Finally, Citigroup Inc. lowered Access National Corp. to a “market perform” rating in a report on Monday, July 18th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $21.70.
Shares of Access National Corp. (NASDAQ:ANCX) traded up 4.26% during mid-day trading on Wednesday, hitting $25.70. The stock had a trading volume of 6,478 shares. Access National Corp. has a 1-year low of $16.26 and a 1-year high of $25.70. The company has a market capitalization of $272.09 million, a P/E ratio of 16.16 and a beta of 0.81. The stock’s 50-day moving average price is $23.55 and its 200 day moving average price is $21.26.
Access National Corp. (NASDAQ:ANCX) last posted its earnings results on Monday, October 17th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. Access National Corp. had a return on equity of 15.21% and a net margin of 21.78%. On average, analysts predict that Access National Corp. will post $1.57 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Monday, October 31st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.43%. Access National Corp.’s payout ratio is 36.81%.
In related news, Director Mark D. Moore bought 3,287 shares of the business’s stock in a transaction dated Monday, July 25th. The stock was purchased at an average cost of $21.67 per share, for a total transaction of $71,229.29. Following the transaction, the director now owns 3,687 shares in the company, valued at approximately $79,897.29. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark D. Moore bought 1,313 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The shares were bought at an average price of $21.50 per share, with a total value of $28,229.50. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $107,500. The disclosure for this purchase can be found here. Insiders own 24.31% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ANCX. State Street Corp increased its stake in Access National Corp. by 7.8% in the second quarter. State Street Corp now owns 77,546 shares of the financial services provider’s stock worth $1,515,000 after buying an additional 5,609 shares during the last quarter. Ativo Capital Management LLC increased its stake in shares of Access National Corp. by 80.6% in the second quarter. Ativo Capital Management LLC now owns 44,808 shares of the financial services provider’s stock valued at $874,000 after buying an additional 20,000 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of Access National Corp. by 15.5% in the second quarter. Teachers Advisors Inc. now owns 11,597 shares of the financial services provider’s stock valued at $226,000 after buying an additional 1,556 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Access National Corp. by 10.8% in the second quarter. BlackRock Fund Advisors now owns 212,288 shares of the financial services provider’s stock valued at $4,142,000 after buying an additional 20,720 shares in the last quarter. Finally, BlackRock Investment Management LLC increased its stake in shares of Access National Corp. by 18.4% in the second quarter. BlackRock Investment Management LLC now owns 33,256 shares of the financial services provider’s stock valued at $649,000 after buying an additional 5,171 shares in the last quarter. Hedge funds and other institutional investors own 24.25% of the company’s stock.
Access National Corp. Company Profile
Access National Corporation is a bank holding company. The Company operates through its subsidiary, Access National Bank (the Bank). The Bank provides credit, deposit, mortgage services and wealth management services to middle market commercial businesses and associated professionals, primarily in the Washington, District of Columbia Metropolitan Area.
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