Eastern Virginia Bankshares Inc. (EVBS) Stock Rating Upgraded by Zacks Investment Research
Eastern Virginia Bankshares Inc. (NASDAQ:EVBS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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 initiated coverage on Eastern Virginia Bankshares in a research report on Tuesday, August 9th. They set a “hold” rating and a $8.00 price objective for the company.
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Eastern Virginia Bankshares (NASDAQ:EVBS) traded up 1.18% on Wednesday, reaching $7.69. The company’s stock had a trading volume of 16,172 shares. The firm has a 50-day moving average of $7.61 and a 200-day moving average of $7.21. Eastern Virginia Bankshares has a one year low of $6.25 and a one year high of $7.87. The company has a market capitalization of $99.39 million, a PE ratio of 16.90 and a beta of 0.07.
Eastern Virginia Bankshares (NASDAQ:EVBS) last issued its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.11 earnings per share for the quarter, missing the Zacks’ 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%. Analysts predict that Eastern Virginia Bankshares will post $0.47 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were given a $0.02 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $0.08 annualized dividend and a yield of 1.04%. Eastern Virginia Bankshares’s dividend payout ratio is currently 17.39%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EVBS. Pinnacle Holdings LLC raised its position in 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 in the last quarter. Dimensional Fund Advisors LP raised its position in 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 in the last quarter. Deprince Race & Zollo Inc. bought a new position in Eastern Virginia Bankshares during the second quarter valued at approximately $417,000. Finally, Geode Capital Management LLC raised its position in 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 in the last quarter. Institutional investors own 41.64% of the company’s stock.
About Eastern Virginia Bankshares
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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