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

Evans Bancorp (NYSEAMERICAN:EVBN) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Thursday.

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

Evans Bancorp Stock Performance

Evans Bancorp stock traded up $0.73 during midday trading on Thursday, reaching $33.68. 26,400 shares of the stock traded hands, compared to its average volume of 27,426. Evans Bancorp has a 12-month low of $24.07 and a 12-month high of $33.74. The stock has a market capitalization of $185.91 million, a price-to-earnings ratio of 8.79 and a beta of 0.92. 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 (NYSEAMERICAN:EVBN) last announced its earnings results on Tuesday, April 30th. The bank reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.04). Evans Bancorp had a net margin of 16.21% and a return on equity of 12.70%. The firm had revenue of $16.17 million for the quarter, compared to analysts’ expectations of $16.20 million.

Insider Buying and Selling at Evans Bancorp

In related news, major shareholder Pl Capital Advisors, Llc bought 7,800 shares of the stock in a transaction on Tuesday, June 4th. The shares were bought at an average cost of $25.96 per share, for a total transaction of $202,488.00. Following the purchase, the insider now owns 604,979 shares of the company’s stock, valued at approximately $15,705,254.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have purchased 38,617 shares of company stock worth $1,056,501. 6.34% of the stock is currently owned by insiders.

Institutional Trading of Evans Bancorp

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets raised its holdings in Evans Bancorp by 78.1% during the first quarter. BNP Paribas Financial Markets now owns 2,624 shares of the bank’s stock worth $78,000 after purchasing an additional 1,151 shares during the last quarter. Prime Capital Investment Advisors LLC acquired a new position in Evans Bancorp during the fourth quarter worth $203,000. Vanguard Group Inc. raised its holdings in Evans Bancorp by 0.6% during the first quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after purchasing an additional 1,620 shares during the last quarter. Finally, PL Capital Advisors LLC raised its holdings in Evans Bancorp by 3.0% during 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 during the last quarter. 67.10% of the stock is currently 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.