Evans Bancorp (NYSEAMERICAN:EVBN) Downgraded by StockNews.com

StockNews.com cut shares of Evans Bancorp (NYSEAMERICAN:EVBN) from a hold rating to a sell rating in a research report report published on Tuesday morning.

Separately, Piper Sandler cut their price target on shares of Evans Bancorp from $30.00 to $27.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st.

Evans Bancorp Stock Up 2.7 %

EVBN opened at $29.89 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99. Evans Bancorp has a 52 week low of $24.07 and a 52 week high of $33.58. The firm has a market cap of $164.99 million, a price-to-earnings ratio of 7.80 and a beta of 0.92.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings results on Tuesday, April 30th. The bank reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.04). The firm had revenue of $16.17 million during the quarter, compared to analyst estimates of $16.20 million. Evans Bancorp had a net margin of 16.21% and a return on equity of 12.70%. As a group, research analysts predict that Evans Bancorp will post 1.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Pl Capital Advisors, Llc acquired 21,061 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $26.12 per share, with a total value of $550,113.32. Following the purchase, the insider now directly owns 576,633 shares in the company, valued at $15,061,653.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have bought 31,937 shares of company stock worth $837,330. Corporate insiders own 6.11% of the company’s stock.

Institutional Investors Weigh In On Evans Bancorp

Several large investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew 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 buying an additional 1,151 shares during the last quarter. Prime Capital Investment Advisors LLC bought a new stake in Evans Bancorp in the fourth quarter worth about $203,000. Vanguard Group Inc. raised its position in shares of Evans Bancorp by 0.6% in the first quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock valued at $8,400,000 after purchasing an additional 1,620 shares during the period. Finally, PL Capital Advisors LLC raised its position in shares of Evans Bancorp by 3.0% in the first quarter. PL Capital Advisors LLC now owns 538,437 shares of the bank’s stock valued at $16,078,000 after purchasing an additional 15,788 shares during the period. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.