Bay Banks of Virginia Inc (NASDAQ:BAYK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $11.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 15.18% from the company’s current price.

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 9.55 on Monday. The stock has a 50 day moving average of $9.46 and a 200 day moving average of $9.17. The company has a market cap of $89.77 million and a price-to-earnings ratio of 31.62. Bay Banks of Virginia has a 12-month low of $6.05 and a 12-month high of $9.70.

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

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In related news, CEO Randal R. Greene bought 5,969 shares of the stock in a transaction on Thursday, August 31st. The stock was bought at an average price of $9.25 per share, with a total value 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Douglas F. Jenkins bought 5,405 shares of the stock in a transaction on Thursday, August 31st. The shares were bought at an average cost of $9.25 per share, with a total value of $49,996.25. Following the purchase, the vice president now owns 27,694 shares of the company’s stock, valued at $256,169.50. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 12,915 shares of company stock valued at $119,464.

About Bay Banks of Virginia

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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