Evans Bancorp (NYSEAMERICAN:EVBN) Upgraded by StockNews.com to Hold

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

Separately, Piper Sandler decreased their price target on Evans Bancorp from $30.00 to $27.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st.

Evans Bancorp Price Performance

EVBN opened at $28.48 on Tuesday. The company has a market cap of $157.21 million, a price-to-earnings ratio of 7.44 and a beta of 0.92. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. Evans Bancorp has a 52 week low of $24.07 and a 52 week high of $33.58.

Evans Bancorp (NYSEAMERICAN:EVBN) last released its earnings results on Tuesday, April 30th. The bank reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.04). The company had revenue of $16.17 million during the quarter, compared to analyst estimates of $16.20 million. Evans Bancorp had a net margin of 16.21% and a return on equity of 12.70%. Sell-side analysts forecast that Evans Bancorp will post 1.93 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Pl Capital Advisors, Llc bought 21,061 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $26.12 per share, with a total value of $550,113.32. Following the completion of the transaction, the insider now directly owns 576,633 shares of the company’s stock, valued at $15,061,653.96. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought 31,937 shares of company stock worth $837,330 over the last three months. 6.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in Evans Bancorp by 78.1% during the 1st 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. Prime Capital Investment Advisors LLC bought a new position in Evans Bancorp during the 4th quarter worth approximately $203,000. Kennedy Capital Management LLC lifted its holdings in Evans Bancorp by 20.7% during the 3rd 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. lifted its holdings in Evans Bancorp by 0.6% during the 1st 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, PL Capital Advisors LLC lifted its holdings in Evans Bancorp by 3.0% during the 1st quarter. PL Capital Advisors LLC now owns 538,437 shares of the bank’s stock worth $16,078,000 after buying an additional 15,788 shares during the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

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.