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Why Did Maxim Group Downgrade Access National Corp’s Stock?


Access National Corp (NASDAQ: ANCX) received a Hold rating from Maxim Group analyst Michael Diana today. The company’s shares opened today at $27.73.

Diana commented:

“ANCX has entered into a definitive agreement to be acquired by Union Bankshares Corporation (UBSH – NR) in an all-stock transaction pursuant to which ANCX shareholders will receive 0.75 UBSH shares for each share of ANCX. The transaction is expected to close in 1Q19. Currently, ANCX shares are trading at $28.11, only a 0.3% discount to the $28.19 implied acquisition price (0.75 times the current $37.59 trading price of UBSH shares). Therefore, we are lowering our rating to and we are also removing our $31 price target.”

According to TipRanks.com, Diana is a 4-star analyst with an average return of 6.1% and a 60.0% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Access National Corp with a $31 average price target.

See today’s analyst top recommended stocks >>

Based on Access National Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $8.96 million. In comparison, last year the company had a net profit of $7 million.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ANCX in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Access National Corp. is a bank holding company, which engages in the provision of commercial banking, mortgage origination, credit, deposit and equipment leasing services. It operates through the following segments: Traditional Commercial Banking, Mortgage Banking Business, and Wealth Management Business.