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

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. “

Separately, FBR & Co set a $8.00 price target on shares of Atlantic Coast Financial Corp. and gave the stock a “buy” rating in a research note on Sunday, October 30th.

Shares of Atlantic Coast Financial Corp. (NASDAQ:ACFC) traded down 1.42% during midday trading on Monday, reaching $6.96. The company’s stock had a trading volume of 51,235 shares. The company has a 50 day moving average of $6.57 and a 200-day moving average of $6.31. Atlantic Coast Financial Corp. has a 52 week low of $5.03 and a 52 week high of $7.08. The stock has a market capitalization of $107.46 million, a price-to-earnings ratio of 21.09 and a beta of 0.69.

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Large investors have recently added to or reduced their stakes in the company. RMB Capital Management LLC raised its stake in Atlantic Coast Financial Corp. by 65.3% in the third quarter. RMB Capital Management LLC now owns 1,364,455 shares of the company’s stock valued at $8,637,000 after buying an additional 538,908 shares during the last quarter. EJF Capital LLC raised its stake in Atlantic Coast Financial Corp. by 110.2% in the third quarter. EJF Capital LLC now owns 904,707 shares of the company’s stock valued at $5,727,000 after buying an additional 474,293 shares during the last quarter. Mendon Capital Advisors Corp raised its stake in Atlantic Coast Financial Corp. by 1.1% in the second quarter. Mendon Capital Advisors Corp now owns 697,029 shares of the company’s stock valued at $4,169,000 after buying an additional 7,300 shares during the last quarter. Vanguard Group Inc. raised its stake in Atlantic Coast Financial Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 368,200 shares of the company’s stock valued at $2,202,000 after buying an additional 5,865 shares during the last quarter. Finally, Banc Funds Co. LLC raised its stake in Atlantic Coast Financial Corp. by 8.8% in the second quarter. Banc Funds Co. LLC now owns 303,311 shares of the company’s stock valued at $1,814,000 after buying an additional 24,600 shares during the last quarter. 48.97% of the stock is owned by institutional investors.

About Atlantic Coast Financial Corp.

Atlantic Coast Financial Corporation is a thrift holding company. The Company’s principal subsidiary is Atlantic Coast Bank (the Bank), a federally chartered thrift. The Bank provides banking services to individual and business customers primarily in Northeast Florida and Southeast Georgia. The Bank’s primary deposit products are checking, savings and certificates of deposit, and its primary lending products are residential mortgage, home equity, consumer loans, and commercial loans.

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