StockNews.com Initiates Coverage on Evans Bancorp (NYSEAMERICAN:EVBN)

StockNews.com began coverage on shares of Evans Bancorp (NYSEAMERICAN:EVBN) in a report issued on Thursday morning. The firm issued a hold rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods lifted their target price on shares of Evans Bancorp from $42.32 to $45.50 and gave the company a “market perform” rating in a research note on Friday, November 1st.

Evans Bancorp Price Performance

Shares of NYSEAMERICAN EVBN opened at $43.30 on Thursday. Evans Bancorp has a 52-week low of $24.07 and a 52-week high of $44.42. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $239.45 million, a price-to-earnings ratio of 13.00 and a beta of 0.91.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its earnings results on Thursday, October 31st. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.13. The business had revenue of $31.69 million during the quarter. Evans Bancorp had a net margin of 13.80% and a return on equity of 10.40%.

Evans Bancorp Announces Dividend

The firm also recently declared a semi-annual dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 12th were issued a $0.66 dividend. The ex-dividend date was Thursday, September 12th. This represents a dividend yield of 3.9%. Evans Bancorp’s dividend payout ratio is 39.64%.

Hedge Funds Weigh In On Evans Bancorp

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in shares of Evans Bancorp by 78.1% in the 1st quarter. BNP Paribas Financial Markets now owns 2,624 shares of the bank’s stock valued at $78,000 after buying an additional 1,151 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Evans Bancorp in the second quarter valued at about $204,000. Ritholtz Wealth Management bought a new stake in Evans Bancorp during the 3rd quarter worth about $218,000. Squarepoint Ops LLC bought a new stake in Evans Bancorp during the 2nd quarter worth about $237,000. Finally, Prime Capital Investment Advisors LLC bought a new stake in Evans Bancorp during the 3rd quarter worth about $251,000. 67.10% of the stock is currently owned by institutional investors and hedge funds.

Evans Bancorp Company Profile

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.