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

Equities research analysts at StockNews.com started coverage on shares of Evans Bancorp (NYSEAMERICAN:EVBN) in a research note issued to investors on Wednesday. The firm set a “hold” rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods increased their target price on Evans Bancorp from $26.50 to $30.50 and gave the stock a “market perform” rating in a research note on Thursday, August 1st.

Evans Bancorp Price Performance

NYSEAMERICAN:EVBN opened at $38.35 on Wednesday. The stock has a market cap of $212.08 million, a P/E ratio of 10.01 and a beta of 0.91. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.98 and a current ratio of 0.98. 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 quarterly earnings results on Tuesday, July 30th. The bank reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.15. The firm had revenue of $30.22 million for the quarter. Evans Bancorp had a return on equity of 11.20% and a net margin of 14.51%.

Insider Activity at Evans Bancorp

In other Evans Bancorp news, major shareholder Pl Capital Advisors, Llc bought 6,680 shares of Evans Bancorp stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average price of $32.81 per share, with a total value of $219,170.80. Following the acquisition, the insider now owns 611,759 shares in the company, valued at $20,071,812.79. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Evans Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Endeavour Capital Advisors Inc. lifted its holdings in shares of Evans Bancorp by 56.6% during the 2nd quarter. Endeavour Capital Advisors Inc. now owns 298,624 shares of the bank’s stock valued at $8,394,000 after buying an additional 107,954 shares during the period. PL Capital Advisors LLC lifted its holdings in Evans Bancorp by 12.4% in the second quarter. PL Capital Advisors LLC now owns 605,079 shares of the bank’s stock valued at $17,009,000 after acquiring an additional 66,642 shares during the period. Cubist Systematic Strategies LLC bought a new position in Evans Bancorp in the second quarter valued at about $500,000. American Century Companies Inc. purchased a new position in Evans Bancorp in the second quarter worth about $337,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Evans Bancorp during the 2nd quarter valued at about $237,000. Institutional investors own 67.10% of the company’s stock.

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.