Bay Banks of Virginia Inc (BAYK) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Bay Banks of Virginia Inc (NASDAQ:BAYK) from a hold rating to a buy rating in a research report report published on Monday morning. The brokerage currently has $11.00 price objective on the stock.

According to Zacks, “Bay Banks of Virginia, Inc. is a bank holding company headquartered in Kilmarnock, Virginia. The Company conducts substantially all of its operations through its subsidiaries, Bank of Lancaster (the Bank) and Bay Trust Company (the Trust Company). Bank of Lancaster provides individual and commercial customers with a full range of services, including commercial and consumer deposit accounts and loans, credit cards, automated teller machines and other traditional banking services. In addition, the Bank offers investment services, including financial planning, securities brokerage, and insurance products through Investment Advantage. Bay Trust provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration. Bay Trust also offers financial planning, investment services, management of IRAs and other investment accounts. “

Bay Banks of Virginia (NASDAQ BAYK) opened at 9.60 on Monday. The stock’s 50 day moving average price is $9.46 and its 200-day moving average price is $9.17. The stock has a market capitalization of $90.24 million and a P/E ratio of 31.79. Bay Banks of Virginia has a 52 week low of $6.05 and a 52 week high of $9.70.

Bay Banks of Virginia (NASDAQ:BAYK) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.06. The business had revenue of $8.59 million for the quarter, compared to analyst estimates of $8.40 million. Bay Banks of Virginia had a return on equity of 3.54% and a net margin of 6.49%. Equities research analysts expect that Bay Banks of Virginia will post $0.55 earnings per share for the current year.

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In other Bay Banks of Virginia news, VP Douglas F. Jenkins acquired 5,405 shares of Bay Banks of Virginia stock in a transaction dated Thursday, August 31st. The stock was acquired at an average cost of $9.25 per share, for a total transaction of $49,996.25. Following the completion of the transaction, the vice president now owns 27,694 shares in the company, valued at approximately $256,169.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Randal R. Greene acquired 5,969 shares of Bay Banks of Virginia stock in a transaction dated Thursday, August 31st. The shares were acquired at an average price of $9.25 per share, with a total value of $55,213.25. Following the completion of the transaction, the chief executive officer now owns 47,482 shares of the company’s stock, valued at approximately $439,208.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 12,915 shares of company stock valued at $119,464.

Bay Banks of Virginia Company Profile

Bay Banks of Virginia, Inc is a bank holding company that conducts its operations through its subsidiaries, Virginia Commonwealth Bank and Bay Trust Company. The Bank is a state-chartered bank and a member of the Federal Reserve System. It serves businesses, professionals and consumers with a range of financial services, including retail and commercial banking, investment services and mortgage banking.

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