Bay Banks of Virginia Inc (BAYK) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Bay Banks of Virginia Inc (NASDAQ:BAYK) from a buy rating to a hold rating in a report released on Tuesday.

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 9.55 on Tuesday. The stock has a 50 day moving average price of $9.46 and a 200-day moving average price of $9.17. The firm has a market capitalization of $89.77 million and a P/E ratio of 31.62. 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 posted its earnings results on Wednesday, July 26th. The company reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.06). The firm had revenue of $8.59 million for the quarter, compared to analysts’ expectations of $8.40 million. Bay Banks of Virginia had a return on equity of 3.54% and a net margin of 6.49%. Analysts anticipate that Bay Banks of Virginia will post $0.55 EPS for the current fiscal year.

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In other news, VP Douglas F. Jenkins bought 5,405 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was bought at an average cost of $9.25 per share, for a total transaction of $49,996.25. Following the completion of the acquisition, the vice president now owns 27,694 shares in the company, valued at approximately $256,169.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Randal R. Greene bought 5,969 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were purchased at an average price of $9.25 per share, with a total value of $55,213.25. Following the completion of the acquisition, 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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