NEW YORK, January 27, 2015 /PRNewswire/ --
Moments ago, Analysts Review released new research updates concerning several important developing situations including 1347 Property Insurance Holdings (NASDAQ: PIH), 1st Century Bancshares (NASDAQ: FCTY), 1st Constitution Bancorp (NASDAQ: FCCY), 1st Source (NASDAQ: SRCE), and Access National (NASDAQ: ANCX). Analysts Review provides a single unified platform for investors' to hear about what matters - proudly employing registered CFA® research staff and rigorous compliance procedures. The full research reports are being made available to the public for informational purposes only.
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Today's update concerns the following companies:
Full PDF Download Links (you may have to copy and paste the following links into your browser):
PIH Research Report: ( http://get.analystsreview.com/pdf/?c=1347%20Property%20Insurance%20Holdings&d=27-Jan-2015&s=PIH ),
FCTY Research Report: ( http://get.analystsreview.com/pdf/?c=1st%20Century%20Bancshares&d=27-Jan-2015&s=FCTY ),
FCCY Research Report: ( http://get.analystsreview.com/pdf/?c=1st%20Constitution%20Bancorp&d=27-Jan-2015&s=FCCY ),
SRCE Research Report: ( http://get.analystsreview.com/pdf/?c=1st%20Source&d=27-Jan-2015&s=SRCE ),
ANCX Research Report: ( http://get.analystsreview.com/pdf/?c=Access%20National&d=27-Jan-2015&s=ANCX ).
Analyst Update: Acquisition Agreement, Quarterly Results, and Awards
Reviewed by: Rohit Tuli, CFA®
The U.S. stocks edged higher on Monday, helped by rise in energy shares which also overshadowed the concerns that victory of anti-bailout party Syriza in Greece could bring a fresh crisis to the Euro zone. Syriza's 40-year old leader Alexis Tsipras has vowed to renegotiate Greece's €240 million bailout deal and bring about an end to the austerity measures. The Dow Jones Industrial Average added 0.03% to close at 17,678.70, the S&P 500 gained 0.26% to close at 2,057.09, and the Nasdaq Composite rose 0.29% to end at 4,771.76. European stocks also ended higher on Monday after an initial slide following the outcome of Greece elections. Riding high on the European Central Bank's recently announced bond-buying program, the Stoxx Europe 600 index rose for the eighth straight session on Monday, hitting a fresh seven-year high. In Asia, most of the equity markets managed to end the session higher despite renewed concerns over Greece's future in Euro zone.
1347 Property Insurance Holdings, Inc. (1347 Property Insurance Holdings) has entered into a definitive agreement to acquire ClaimCor, LLC, a claims and underwriting technical solutions company. The acquisition, which is in line with the Company's strategic plan and growth objectives relative to its infrastructure expansion, will also provide with an additional source of revenue from ClaimCor's evolving and expanding customer base in the insurance services outsourcing industry.
1st Century Bancshares, Inc. (1st Century Bancshares), the holding company for 1st Century Bank, N.A. (the "Bank"), reported its Q3 2014 financial results with net income of $626,000, compared to $803,000 in Q3 2013. For 9M 2014, net income stood at $1.8 million versus $6.6 million for the same period last year. The net income variance during the nine months ended September 30, 2014 versus the prior year period was attributed to a $4.5 million increase in income tax provisions.
1st Constitution Bancorp (NJ)'s (1st Constitution Bancorp) net income for Q3 2014 increased 40% YoY to $2.1 million. Net income per diluted share for the quarter stood at $0.30, compared to $0.25 per diluted share in Q3 2013. The significant increase in net income for the quarter was attributed to $2.6 million increase in net interest income to $8.9 million.
1st Source Corporation's (1st Source) company, 1st Source Bank, was awarded with the Small Business Administration's (SBA) 2014 Community Lender Award for a second consecutive year. The award recognizes 1st Source's commitment in providing financial assistance to businesses located in Indiana during the federal fiscal year.
Access National Corporation (Access National) reported third quarter 2014 net income of $4.9 million, or $0.47 per common share, up from $2.8 million or $0.27 per diluted share in Q3 2013. This represents the Company's 57th consecutive quarterly profit over its 59 quarter history.
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Editor Note: This is not company news. We are an independent source and our views do not reflect the companies mentioned.
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