Bay Banks of Virginia Inc (BAYK) Cut to Hold at Zacks Investment Research

Bay Banks of Virginia Inc (NASDAQ:BAYK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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 (BAYK) traded down 0.52% during trading on Tuesday, hitting $9.55. 4,500 shares of the company’s stock traded hands. The company’s 50 day moving average price is $9.46 and its 200 day moving average price is $9.17. Bay Banks of Virginia has a 52-week low of $6.05 and a 52-week high of $9.70. The company has a market cap of $89.77 million and a PE ratio of 31.62.

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

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In other news, VP Douglas F. Jenkins acquired 5,405 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were acquired at an average cost of $9.25 per share, for a total transaction of $49,996.25. Following the purchase, the vice president now owns 27,694 shares of the company’s stock, valued at approximately $256,169.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Randal R. Greene acquired 5,969 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was purchased at an average price of $9.25 per share, for a total transaction of $55,213.25. Following the completion of the purchase, the chief executive officer now directly owns 47,482 shares in the company, valued at approximately $439,208.50. The disclosure for this purchase can be found here. Insiders have bought a total of 12,915 shares of company stock worth $119,464 over the last quarter.

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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