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

StockNews.com began coverage on shares of Evans Bancorp (NYSEAMERICAN:EVBN) in a research report sent to investors on Friday morning. The firm issued a hold rating on the bank’s stock.

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

Evans Bancorp Trading Down 2.9 %

Shares of NYSEAMERICAN:EVBN opened at $39.38 on Friday. The stock has a market cap of $217.77 million, a P/E ratio of 10.28 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 announced 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. The business 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%.

Evans Bancorp Announces Dividend

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

Insider Transactions at Evans Bancorp

In other news, major shareholder Pl Capital Advisors, Llc acquired 6,680 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average price of $32.81 per share, for a total transaction of $219,170.80. Following the completion of the acquisition, the insider now directly owns 611,759 shares in the company, valued at approximately $20,071,812.79. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.34% of the company’s stock.

Institutional Investors Weigh In On Evans Bancorp

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its holdings 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 last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Evans Bancorp during the second quarter valued at $204,000. Squarepoint Ops LLC purchased a new stake in shares of Evans Bancorp during the second quarter valued at $237,000. American Century Companies Inc. purchased a new stake in shares of Evans Bancorp during the second quarter valued at $337,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Evans Bancorp in the 2nd quarter worth about $500,000. 67.10% of the stock is 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.