Eastern Virginia Bankshares, Inc. (EVBS) Stock Rating Lowered by Zacks Investment Research

Eastern Virginia Bankshares, Inc. (NASDAQ:EVBS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

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, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $11.00 price target on shares of Eastern Virginia Bankshares in a research note on Friday, June 2nd.

Shares of Eastern Virginia Bankshares (NASDAQ EVBS) traded down 0.37% during midday trading on Thursday, hitting $10.87. 4,371 shares of the stock were exchanged. Eastern Virginia Bankshares has a 12 month low of $6.86 and a 12 month high of $11.71. The firm has a 50 day moving average of $10.95 and a 200-day moving average of $10.57. The stock has a market cap of $140.86 million, a P/E ratio of 27.31 and a beta of 0.03.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. ClariVest Asset Management LLC increased its position in Eastern Virginia Bankshares by 5.4% in the first quarter. ClariVest Asset Management LLC now owns 9,685 shares of the financial services provider’s stock valued at $102,000 after buying an additional 492 shares in the last quarter. Bank of New York Mellon Corp increased its position in Eastern Virginia Bankshares by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 14,563 shares of the financial services provider’s stock valued at $153,000 after buying an additional 1,525 shares in the last quarter. Geode Capital Management LLC increased its position in Eastern Virginia Bankshares by 20.9% in the first quarter. Geode Capital Management LLC now owns 19,571 shares of the financial services provider’s stock valued at $205,000 after buying an additional 3,379 shares in the last quarter. Stifel Financial Corp bought a new position in Eastern Virginia Bankshares during the first quarter valued at approximately $212,000. Finally, Wells Fargo & Company MN increased its position in Eastern Virginia Bankshares by 13.4% in the first quarter. Wells Fargo & Company MN now owns 31,828 shares of the financial services provider’s stock valued at $334,000 after buying an additional 3,762 shares in the last quarter. 47.01% of the stock is currently owned by institutional investors.

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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