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

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

Separately, Keefe, Bruyette & Woods raised their price target on shares of Evans Bancorp from $42.32 to $45.50 and gave the stock a “market perform” rating in a research note on Friday, November 1st.

Evans Bancorp Price Performance

Shares of EVBN stock opened at $44.27 on Wednesday. Evans Bancorp has a twelve month low of $24.07 and a twelve month high of $46.21. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $245.26 million, a P/E ratio of 13.29 and a beta of 0.92.

Evans Bancorp (NYSEAMERICAN:EVBN) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.13. The company had revenue of $31.69 million during the quarter. Evans Bancorp had a return on equity of 10.27% and a net margin of 13.80%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Evans Bancorp by 6.9% during the third quarter. Geode Capital Management LLC now owns 55,786 shares of the bank’s stock worth $2,175,000 after purchasing an additional 3,583 shares during the period. Barclays PLC lifted its stake in Evans Bancorp by 47.7% in the third quarter. Barclays PLC now owns 16,163 shares of the bank’s stock valued at $630,000 after buying an additional 5,218 shares in the last quarter. Ritholtz Wealth Management acquired a new position in shares of Evans Bancorp in the third quarter valued at approximately $218,000. Prime Capital Investment Advisors LLC bought a new stake in shares of Evans Bancorp during the third quarter worth $251,000. Finally, PL Capital Advisors LLC raised its holdings in shares of Evans Bancorp by 1.1% during the third quarter. PL Capital Advisors LLC now owns 611,759 shares of the bank’s stock worth $23,840,000 after acquiring an additional 6,680 shares during the period. 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.