This week Access National Corporation (ANCX) reported two insider buys coming from their CEO, Michael Clarke. Clarke added a total of 13,500 shares to his stake in the company. These buys come as the price dropped to a 52-week low. On April 26, Clarke bought a total of 3,500 shares at $12.05 per share. This first transaction cost him a total of $42,175.
More recently, on May 1, Clarke added an additional 10,000 shares at $12.56 per share. This cost the CEO $125,600. Clarke now holds on to at least 752,754 shares of Access National
Access National Corporation is a bank holding company for Access National Bank and Access National Capital Trust II. The bank provides commercial credit and deposit and mortgage services to middle market businesses and associated professionals, primarily in the Washington, D.C. Metropolitan area.
What to look for in Access:
· The bank’s dividend yield is close to a 10-year high of $0.95.
· The P/B ratio and P/S ratio are both near a 1-year low.
· The price of Access is near the 52-week low of $12.17.
· The revenue and earnings per share have been on the rise since 2010.
· The bank has an equity to asset ratio of 10.9%
· The bank’s nonperforming assets are only 0.2% of the company’s total assets as of Dec. 31, 2012.
Possible warning signs for Access:
· The P/B ratio is at 1.4.
· The GuruFocus analysis shows that the cash flow from operations has a severe divergence from the net income. This could mean that the bank is not receiving payments its customers.
The following chart shows the price of Access National compared to its revenue and earnings per share:
ANCX data by GuruFocus.com
The company released its first quarter earnings last week. Access National reported a first quarter net income of $3.7 million, a $247 thousand increase over the $3.4 million recorded in the first quarter 2012. The Board of Directors also declared a cash dividend of $0.10 per share. This dividend represents a positive move towards the company’s stated objective to equal to a 40% payout ratio of core earnings.
Guru Jim Simons holds on to 61,600 shares of the banking company.
With its shares up 1.46%, Access National Corp. trades at $12.49.
- CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
- Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
- Double Buys:: Companies that both Gurus and Insiders are buying
- Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.