Zacks Investment Research upgraded shares of Eastern Virginia Bankshares Inc. (NASDAQ:EVBS) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.

According to Zacks, “EASTERN VA BKSH is a bank holding company. Through subsidiaries, they provide full banking services, including commercial and consumer demand and time deposit accounts, commercial and consumer loans, Visa and Mastercard revolving credit accounts, drive-in banking services and automated teller machine transactions. The area served by them is primarily the counties of Essex, Northumberland, King & Queen, King William, Richmond, Lancaster, Hanover, Gloucester, Middlesex and Caroline. “

Separately, Sandler O’Neill began coverage on Eastern Virginia Bankshares in a research report on Tuesday, August 9th. They set a hold rating and a $8.00 target price for the company.

Eastern Virginia Bankshares (NASDAQ:EVBS) opened at 7.65 on Wednesday. Eastern Virginia Bankshares has a 52 week low of $6.25 and a 52 week high of $8.12. The firm has a market cap of $98.87 million, a P/E ratio of 16.81 and a beta of 0.07. The firm’s 50-day moving average price is $7.62 and its 200 day moving average price is $7.24.

Eastern Virginia Bankshares (NASDAQ:EVBS) last announced its earnings results on Monday, July 25th. The financial services provider reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by $0.01. Eastern Virginia Bankshares had a net margin of 14.81% and a return on equity of 7.04%. Equities analysts forecast that Eastern Virginia Bankshares will post $0.47 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Wednesday, August 10th. Eastern Virginia Bankshares’s dividend payout ratio (DPR) is currently 17.39%.

A number of large investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Eastern Virginia Bankshares by 14.1% in the first quarter. Geode Capital Management LLC now owns 17,915 shares of the financial services provider’s stock valued at $119,000 after buying an additional 2,210 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Eastern Virginia Bankshares during the second quarter valued at $417,000. Dimensional Fund Advisors LP raised its stake in shares of Eastern Virginia Bankshares by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 76,581 shares of the financial services provider’s stock valued at $578,000 after buying an additional 706 shares during the period. Finally, Pinnacle Holdings LLC raised its stake in shares of Eastern Virginia Bankshares by 4.2% in the first quarter. Pinnacle Holdings LLC now owns 152,962 shares of the financial services provider’s stock valued at $1,023,000 after buying an additional 6,181 shares during the period. 41.64% of the stock is owned by institutional investors.

Eastern Virginia Bankshares Company Profile

Eastern Virginia Bankshares, Inc is a bank holding company. The Company operates through its bank subsidiary, EVB (the Bank). EVB is a community bank focusing on small to medium-sized businesses and consumers in its coastal plain markets and the emerging suburbs outside of the Richmond, Tidewater, and southern Virginia areas.

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