Evans Bancorp (NYSEAMERICAN:EVBN) Rating Lowered to Market Perform at Hovde Group

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Evans Bancorp (NYSEAMERICAN:EVBN) was downgraded by equities research analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday, Briefing.com Automated Import reports.

NYSEAMERICAN:EVBN opened at $36.01 on Friday. Evans Bancorp has a 52 week low of $30.61 and a 52 week high of $49.23.

Evans Bancorp (NYSEAMERICAN:EVBN) last posted its earnings results on Wednesday, April 24th. The bank reported $0.75 EPS for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.03). The firm had revenue of $16.70 million during the quarter.

In related news, insider David J. Nasca sold 13,079 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $36.00, for a total value of $470,844.00. Following the transaction, the insider now directly owns 72,926 shares of the company’s stock, valued at approximately $2,625,336. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 14,588 shares of company stock worth $523,976 over the last ninety days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Evans Bancorp by 44.9% during the 4th quarter. Rhumbline Advisers now owns 6,752 shares of the bank’s stock valued at $220,000 after buying an additional 2,093 shares during the period. BlackRock Inc. raised its position in shares of Evans Bancorp by 3.0% during the 4th quarter. BlackRock Inc. now owns 239,863 shares of the bank’s stock valued at $7,798,000 after buying an additional 7,024 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Evans Bancorp by 8.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 121,945 shares of the bank’s stock valued at $3,965,000 after buying an additional 9,263 shares during the period. Geode Capital Management LLC raised its position in shares of Evans Bancorp by 8.0% during the 4th quarter. Geode Capital Management LLC now owns 41,661 shares of the bank’s stock valued at $1,354,000 after buying an additional 3,093 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Evans Bancorp by 58.6% during the 4th quarter. Bank of America Corp DE now owns 3,408 shares of the bank’s stock valued at $111,000 after buying an additional 1,259 shares during the period.

About Evans Bancorp

Evans Bancorp, Inc offers banking products and services. The company offers demand deposits and interest and non-interest bearing time and savings deposits. The company's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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