Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Sees Significant Decrease in Short Interest

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 17,600 shares, a decline of 6.9% from the August 15th total of 18,900 shares. Based on an average daily trading volume, of 35,800 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.3% of the shares of the company are sold short.

Insider Transactions at Evans Bancorp

In other news, major shareholder Pl Capital Advisors, Llc purchased 6,680 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average price of $32.81 per share, with a total value of $219,170.80. Following the acquisition, the insider now directly owns 611,759 shares in the company, valued at approximately $20,071,812.79. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 6.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Evans Bancorp

Several institutional investors have recently added to or reduced their stakes in EVBN. BNP Paribas Financial Markets grew its stake in Evans Bancorp by 78.1% in 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Evans Bancorp in the second quarter valued at $204,000. Squarepoint Ops LLC purchased a new stake in Evans Bancorp in the second quarter worth about $237,000. American Century Companies Inc. purchased a new position in shares of Evans Bancorp in the 2nd quarter valued at approximately $337,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Evans Bancorp during the 2nd quarter valued at $500,000. 67.10% of the stock is owned by hedge funds and other institutional investors.

Evans Bancorp Stock Performance

Shares of EVBN stock opened at $39.80 on Thursday. The company has a market capitalization of $220.09 million, a P/E ratio of 10.39 and a beta of 0.91. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.90. Evans Bancorp has a one year low of $24.07 and a one year high of $40.97.

Evans Bancorp (NYSEAMERICAN:EVBN) last issued its earnings results on Tuesday, July 30th. The bank reported $0.53 EPS for the quarter, beating the consensus estimate of $0.38 by $0.15. Evans Bancorp had a return on equity of 11.20% and a net margin of 14.51%. The company had revenue of $30.22 million during the quarter.

Evans Bancorp Dividend Announcement

The business also recently announced a semi-annual dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 12th will be paid a $0.66 dividend. This represents a yield of 3.9%. The ex-dividend date of this dividend is Thursday, September 12th. Evans Bancorp’s payout ratio is 34.46%.

Analyst Ratings Changes

A number of research analysts recently issued reports on EVBN shares. StockNews.com upgraded shares of Evans Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods lifted their price objective on shares of Evans Bancorp from $26.50 to $30.50 and gave the company a “market perform” rating in a report on Thursday, August 1st.

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.