Access National (ANCX) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Access National (NASDAQ:ANCX) from a hold rating to a buy rating in a research report released on Tuesday, January 9th. Zacks Investment Research currently has $31.00 price objective on the financial services provider’s stock.

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 also recently issued reports about the company. Maxim Group restated a buy rating and set a $33.00 target price (up from $32.00) on shares of Access National in a research note on Monday, October 30th. Sandler O’Neill set a $30.00 price target on Access National and gave the company a hold rating in a research note on Thursday, January 4th. Keefe, Bruyette & Woods reiterated a hold rating and set a $30.00 price target on shares of Access National in a research note on Sunday, November 5th. 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 research note on Thursday, October 26th. Finally, UBS Group upgraded Access National from a market perform rating to an outperform rating in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Access National currently has an average rating of Hold and an average price target of $31.00.

Shares of Access National (NASDAQ ANCX) opened at $29.05 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $589.24, a P/E ratio of 30.90 and a beta of 0.98. Access National has a one year low of $24.36 and a one year high of $33.18.

Access National (NASDAQ:ANCX) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. Access National had a return on equity of 8.24% and a net margin of 13.61%. The business had revenue of $32.59 million for the quarter, compared to the consensus estimate of $31.77 million. analysts anticipate that Access National will post 1.52 earnings per share for the current fiscal year.

In other news, insider Mark D. Moore acquired 3,972 shares of the business’s stock in a transaction on Friday, November 24th. The stock was bought at an average cost of $27.84 per share, for a total transaction of $110,580.48. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders purchased a total of 4,744 shares of company stock valued at $132,073 in the last ninety days. 14.23% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Sandy Spring Bank purchased a new stake in shares of Access National in the second quarter valued at approximately $141,000. Royal Bank of Canada grew its position in Access National by 53.1% in the second quarter. Royal Bank of Canada now owns 5,413 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 1,877 shares during the period. Nationwide Fund Advisors grew its position in Access National by 53.9% in the second quarter. Nationwide Fund Advisors now owns 8,288 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 2,904 shares during the period. Citadel Advisors LLC purchased a new position in Access National in the second quarter worth approximately $236,000. Finally, Alliancebernstein L.P. purchased a new position in Access National in the second quarter worth approximately $289,000. Institutional investors and hedge funds own 37.55% of the company’s stock.

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Access National Company Profile

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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