Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Short Interest Up 10.6% in May

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 186,400 shares, a growth of 10.6% from the May 15th total of 168,600 shares. Based on an average daily volume of 23,200 shares, the days-to-cover ratio is currently 8.0 days. Approximately 3.6% of the company’s stock are short sold.

Insider Buying and Selling at Evans Bancorp

In other Evans Bancorp news, major shareholder Pl Capital Advisors, Llc purchased 21,061 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was acquired at an average price of $26.12 per share, for a total transaction of $550,113.32. Following the purchase, the insider now owns 576,633 shares of the company’s stock, valued at approximately $15,061,653.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders acquired 31,937 shares of company stock worth $837,330. 6.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EVBN. BNP Paribas Financial Markets boosted its stake in shares of Evans Bancorp by 78.1% during the first quarter. BNP Paribas Financial Markets now owns 2,624 shares of the bank’s stock valued at $78,000 after purchasing an additional 1,151 shares during the period. Prime Capital Investment Advisors LLC purchased a new stake in shares of Evans Bancorp during the fourth quarter valued at approximately $203,000. Kennedy Capital Management LLC boosted its stake in shares of Evans Bancorp by 20.7% during the third quarter. Kennedy Capital Management LLC now owns 21,955 shares of the bank’s stock valued at $588,000 after purchasing an additional 3,770 shares during the period. Vanguard Group Inc. boosted its stake in shares of Evans Bancorp by 0.6% during the first quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock valued at $8,400,000 after purchasing an additional 1,620 shares during the period. Finally, PL Capital Advisors LLC boosted its stake in shares of Evans Bancorp by 3.0% during the first quarter. PL Capital Advisors LLC now owns 538,437 shares of the bank’s stock valued at $16,078,000 after purchasing an additional 15,788 shares during the period. 67.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler cut their price target on shares of Evans Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. StockNews.com downgraded shares of Evans Bancorp from a “hold” rating to a “sell” rating in a report on Monday.

Evans Bancorp Stock Performance

EVBN stock opened at $27.27 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $150.53 million, a P/E ratio of 7.12 and a beta of 0.92. Evans Bancorp has a 1-year low of $24.07 and a 1-year high of $33.58.

Evans Bancorp (NYSEAMERICAN:EVBN) last posted its quarterly earnings data 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 return on equity of 12.70% and a net margin of 16.21%. The company had revenue of $16.17 million during the quarter, compared to the consensus estimate of $16.20 million. Research analysts forecast that Evans Bancorp will post 1.93 earnings per share for the current fiscal year.

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.