UPDATE: Keefe, Bruyette & Woods Downgrades Eastern Virginia Bankshares to Market Perform, Reiterates $7 PT as Shares Near Target

In a report published Wednesday, Keefe, Bruyette & Woods analyst Catherine Mealor downgraded the rating on Eastern Virginia Bankshares EVBS from Outperform to Market Perform, but reiterated the $7.00 price target. In the report, Keefe, Bruyette & Woods noted, “EVBS made significant progress in 2013 in balance sheet restructuring and profitability improvement, and we believe the preferred repayment and loan growth will take EVBS to the next stage in 2014. Lowering estimates on a later preferred payment and higher expenses, but maintain $7 PT which is a reasonable 1.3x TBV and 12.3x 2015 EPS. Lowering to MP as there is now limited upside to our PT.” Eastern Virginia Bankshares closed on Tuesday at $6.74.