FBR Capital Upgrades Access National Corp. (ANCX) to Outperform Following Middleburg Financial Deal
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FBR Capital upgraded Access National Corp. (NASDAQ: ANCX) from Market Perform to Outperform with a price target of $29.00 (from $26.00) Christopher Nolan following the announced acquisition of Middleburg Financial (NASDAQ: MBRG).
Analyst commented, "We are upgrading our rating to Outperform from Market Perform and raising our price target to $29 from $26. We are also raising our 2017E EPS and introducing our 2018E EPS. These actions follow ANCX’s announced acquisition of Middleburg Financial Corp. (MBRG), which we think makes both strategic and financial sense. ANCX’s lower-middle-market commercial loan focus and MBRG’s focus on private wealth create a combined entity that can better serve clients' financial life cycle from building capital to preserving and managing it. Thus, we think the deal offers revenue upside that is not being factored into our EPS estimates. As a result, we think ANCX is positioned to improve on its strong profitability metrics (3Q16: 14.9% ROAE and 1.34% ROAA) in 2017. We believe that our $29 price target is achievable applying our 3Q17 TBV estimate to ANCX's recent price/TBV multiple."
Shares of Access National Corp. closed at $24.03 yesterday.
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