Evans Bancorp (NYSEAMERICAN:EVBN) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Evans Bancorp (NYSEAMERICAN:EVBN) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

Separately, Piper Sandler lowered their price target on shares of Evans Bancorp from $30.00 to $27.00 and set a neutral rating for the company in a research report on Wednesday, May 1st.

Evans Bancorp Trading Down 2.5 %

EVBN stock opened at $27.78 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99. Evans Bancorp has a 1-year low of $24.07 and a 1-year high of $33.58. The firm has a market cap of $153.35 million, a price-to-earnings ratio of 7.25 and a beta of 0.92.

Evans Bancorp (NYSEAMERICAN:EVBN) last released its earnings results on Tuesday, April 30th. The bank reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.04). Evans Bancorp had a net margin of 16.21% and a return on equity of 12.70%. The business had revenue of $16.17 million for the quarter, compared to the consensus estimate of $16.20 million. Equities research analysts expect that Evans Bancorp will post 1.93 EPS for the current fiscal year.

Insider Buying and Selling at Evans Bancorp

In other news, major shareholder Pl Capital Advisors, Llc acquired 21,061 shares of Evans Bancorp stock in a transaction on Tuesday, May 28th. The stock was bought at an average cost of $26.12 per share, with a total value of $550,113.32. Following the completion of the purchase, the insider now owns 576,633 shares of the company’s stock, valued at $15,061,653.96. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders bought 31,937 shares of company stock valued at $837,330. 6.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Evans Bancorp

A number of hedge funds have recently made changes to their positions in EVBN. PL Capital Advisors LLC lifted its position in shares of Evans Bancorp by 3.0% in the first quarter. PL Capital Advisors LLC now owns 538,437 shares of the bank’s stock worth $16,078,000 after purchasing an additional 15,788 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new position in Evans Bancorp in the fourth quarter worth approximately $203,000. Kennedy Capital Management LLC increased its holdings in Evans Bancorp by 20.7% in the third quarter. Kennedy Capital Management LLC now owns 21,955 shares of the bank’s stock worth $588,000 after buying an additional 3,770 shares during the last quarter. Vanguard Group Inc. increased its holdings in Evans Bancorp by 0.6% in the first quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after buying an additional 1,620 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Evans Bancorp by 78.1% in the first quarter. BNP Paribas Financial Markets now owns 2,624 shares of the bank’s stock worth $78,000 after buying an additional 1,151 shares during the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

About Evans Bancorp

Evans Bancorp, Inc primarily operates as financial holding company for Evans Bank, N.A. that provides a range of banking products and services to consumer and commercial customers in the United States. The company offers deposit products, which include checking and negotiable order of withdrawal accounts, savings accounts, and certificates of deposit.