Revenue Update on Atlantic Coast Financial Corp(NASDAQ:ACFC)

Atlantic Coast Financial Corp(NASDAQ:ACFC) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Jul 28, 2016. Company reported revenue of $8.95M. Analysts estimated a revenue of $8.31M. Earnings per share were $0.09. Analysts had estimated an EPS of $0.08.

Atlantic Coast Financial Corp (ACFC) shares turned negative on Thursdays trading session with the shares closing down -0.06 points or -1.00% at a volume of 1,330. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $6.03. The peak price level was also seen at $6.03 while the days lowest was $5.93. Finally the shares closed at $5.94. The 52-week high of the shares is $6.75 while the 52-week low is $4.9666. According to the latest information available, the market cap of the company is $92 M.

Several Insider Transactions has been reported to the SEC. On Aug 27, 2015, Phillip S Buddenbohm (EVP/CCO) purchased 1,600 shares at $6.00 per share price.Also, On Aug 21, 2015, John Kenneth Jr. Stephens (CEO) purchased 10,000 shares at $6.20 per share price.On Aug 10, 2015, Tracy L Keegan (CFO) purchased 596 shares at $5.06 per share price, according to the Form-4 filing with the securities and exchange commission.

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. Substantially all loans are secured by specific items of collateral including business assets consumer assets and commercial and residential real estate. Commercial loans are generally expected to be repaid from the cash flows from the operations of the business.

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