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

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

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

Evans Bancorp Trading Down 2.9 %

NYSEAMERICAN:EVBN opened at $39.38 on Friday. Evans Bancorp has a 52 week low of $24.07 and a 52 week high of $40.97. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $217.77 million, a PE ratio of 10.28 and a beta of 0.91.

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

Insider Activity

In related news, major shareholder Pl Capital Advisors, Llc purchased 6,680 shares of Evans Bancorp stock in a transaction on Tuesday, July 23rd. The shares were bought at an average cost of $32.81 per share, for a total transaction of $219,170.80. Following the acquisition, the insider now owns 611,759 shares in the company, valued at approximately $20,071,812.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.34% of the company’s stock.

Institutional Trading of Evans Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its holdings in shares of 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Evans Bancorp in the 2nd quarter worth about $204,000. Squarepoint Ops LLC bought a new stake in shares of Evans Bancorp in the 2nd quarter worth about $237,000. American Century Companies Inc. bought a new stake in shares of Evans Bancorp in the 2nd quarter worth about $337,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Evans Bancorp in the 2nd quarter worth about $500,000. 67.10% of the stock is currently owned by institutional investors.

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.