Keefe, Bruyette & Woods Increases Evans Bancorp (NYSEAMERICAN:EVBN) Price Target to $30.50

Evans Bancorp (NYSEAMERICAN:EVBN) had its price objective raised by equities research analysts at Keefe, Bruyette & Woods from $26.50 to $30.50 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential downside of 8.38% from the stock’s previous close.

A number of other analysts also recently issued reports on EVBN. Piper Sandler decreased their price target on Evans Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. StockNews.com raised shares of Evans Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday.

Evans Bancorp Price Performance

Shares of EVBN stock traded down $1.60 during trading hours on Thursday, reaching $33.29. 2,997 shares of the company’s stock were exchanged, compared to its average volume of 26,909. Evans Bancorp has a 1 year low of $24.07 and a 1 year high of $35.47. The firm has a market capitalization of $183.76 million, a price-to-earnings ratio of 8.69 and a beta of 0.92. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.99 and a current ratio of 0.99.

Evans Bancorp (NYSEAMERICAN:EVBN) last issued its quarterly earnings data on Tuesday, July 30th. The bank reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.15. Evans Bancorp had a net margin of 14.51% and a return on equity of 11.36%. The firm had revenue of $30.22 million for the quarter.

Insiders Place Their Bets

In other news, major shareholder Pl Capital Advisors, Llc bought 2,776 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were purchased at an average price of $27.75 per share, for a total transaction of $77,034.00. Following the acquisition, the insider now directly owns 555,572 shares of the company’s stock, valued at approximately $15,417,123. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In the last quarter, insiders acquired 38,617 shares of company stock worth $1,056,501. 6.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Prime Capital Investment Advisors LLC bought a new position in shares of Evans Bancorp in the fourth quarter valued at about $203,000. BNP Paribas Financial Markets lifted 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 purchasing an additional 1,151 shares in the last quarter. Vanguard Group Inc. increased its holdings 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 in the last quarter. Finally, PL Capital Advisors LLC lifted its stake 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 valued at $17,009,000 after acquiring an additional 66,642 shares during the period. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.