UPDATE: Keefe, Bruyette & Woods Raises PT to $12 on Access National Corporation Following Q1 Beat

Keefe, Bruyette & Woods increases its price target from $11 to $12 on Market Perform-rated Access National Corporation

as both bank and mortgage companies beat earnings. Keefe, Bruyette & Woods notes, "ANCX reported a mortgage- and NIM-driven beat. Mortgage originations and gain-on-sale margins both came in higher than anticipate driving mortgage EPS to $0.17/share vs. our estimate for $0.10/share. A higher NIM also drove the $0.02 beat to the core bank EPS. Raising EPS and moving PT to $12." ANCX closed at $12 on Monday.