Bay Banks of Virginia Inc (NASDAQ:BAYK) was downgraded by Zacks Investment Research 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. “

Shares of Bay Banks of Virginia (NASDAQ BAYK) opened at 9.50 on Tuesday. The firm has a market capitalization of $89.30 million and a P/E ratio of 31.46. Bay Banks of Virginia has a 12-month low of $6.05 and a 12-month high of $9.70. The firm’s 50-day moving average price is $9.46 and its 200-day moving average price is $9.18.

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

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In other Bay Banks of Virginia news, VP Douglas F. Jenkins bought 5,405 shares of the stock in a transaction dated 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 completion of the acquisition, the vice president now owns 27,694 shares of the company’s stock, valued at $256,169.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Randal R. Greene bought 5,969 shares of the stock in a transaction dated Thursday, August 31st. The shares were acquired at an average cost of $9.25 per share, for a total transaction of $55,213.25. Following the completion of the acquisition, the chief executive officer now directly owns 47,482 shares of the company’s stock, valued at approximately $439,208.50. The disclosure for this purchase can be found here. Insiders have bought 12,915 shares of company stock worth $119,464 over the last ninety days.

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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