Zacks Investment Research upgraded shares of Bay Banks of Virginia Inc (NASDAQ:BAYK) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The firm currently has $10.00 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. “

Shares of Bay Banks of Virginia (NASDAQ:BAYK) opened at 9.25 on Wednesday. Bay Banks of Virginia has a 52-week low of $6.05 and a 52-week high of $9.65. The stock has a market cap of $86.95 million and a PE ratio of 30.63. The stock’s 50 day moving average is $9.44 and its 200 day moving average is $9.07.

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

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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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