Short Interest in Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Declines By 82.5%

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) saw a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 21,700 shares, a decrease of 82.5% from the June 30th total of 124,300 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily volume of 39,700 shares, the short-interest ratio is presently 0.5 days.

Insiders Place Their Bets

In related news, major shareholder Pl Capital Advisors, Llc acquired 7,800 shares of the stock in a transaction dated Tuesday, June 4th. The shares were acquired at an average price of $25.96 per share, with a total value of $202,488.00. Following the acquisition, the insider now owns 604,979 shares in the company, valued at approximately $15,705,254.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought a total of 38,617 shares of company stock valued at $1,056,501 in the last three months. Insiders own 6.34% of the company’s stock.

Hedge Funds Weigh In On Evans Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the business. PL Capital Advisors LLC raised its position in shares of Evans Bancorp by 12.4% during the second quarter. PL Capital Advisors LLC now owns 605,079 shares of the bank’s stock worth $17,009,000 after acquiring an additional 66,642 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Evans Bancorp by 0.6% during the first quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after acquiring an additional 1,620 shares during the last quarter. BNP Paribas Financial Markets raised its position 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 worth $78,000 after acquiring an additional 1,151 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC bought a new stake in shares of Evans Bancorp during the fourth quarter worth $203,000. Institutional investors and hedge funds own 67.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EVBN. Piper Sandler lowered their target price on Evans Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. StockNews.com raised Evans Bancorp from a “sell” rating to a “hold” rating in a report on Thursday.

Evans Bancorp Price Performance

EVBN stock traded up $0.73 during trading on Thursday, hitting $33.68. The company had a trading volume of 26,400 shares, compared to its average volume of 27,426. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $185.91 million, a price-to-earnings ratio of 8.79 and a beta of 0.92. Evans Bancorp has a fifty-two week low of $24.07 and a fifty-two week high of $33.74.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings results on Tuesday, April 30th. The bank reported $0.42 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.04). The company 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%.

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.