Evans Bancorp (EVBN) Raised to “Outperform” at Hovde Group

Hovde Group upgraded shares of Evans Bancorp (NYSEAMERICAN:EVBN) from a market perform rating to an outperform rating in a report released on Wednesday, MarketBeat reports. The brokerage currently has $49.00 price target on the bank’s stock.

Evans Bancorp (NYSEAMERICAN EVBN) traded up $0.40 during trading hours on Wednesday, reaching $42.70. 11,120 shares of the company were exchanged, compared to its average volume of 12,352. Evans Bancorp has a 52 week low of $34.90 and a 52 week high of $47.08. The stock has a market capitalization of $204.07, a price-to-earnings ratio of 17.15 and a beta of 0.43.

Evans Bancorp (NYSEAMERICAN:EVBN) last released its quarterly earnings data on Monday, October 30th. The bank reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.10. Evans Bancorp had a net margin of 25.75% and a return on equity of 12.81%. The company had revenue of $14.46 million during the quarter.

A number of large investors have recently added to or reduced their stakes in the stock. Penn Capital Management Co. Inc. raised its holdings in Evans Bancorp by 2.1% in the second quarter. Penn Capital Management Co. Inc. now owns 65,167 shares of the bank’s stock worth $2,603,000 after purchasing an additional 1,316 shares in the last quarter. Nationwide Fund Advisors bought a new position in Evans Bancorp in the second quarter worth about $101,000. Dimensional Fund Advisors LP raised its holdings in Evans Bancorp by 3.7% in the third quarter. Dimensional Fund Advisors LP now owns 72,968 shares of the bank’s stock worth $3,152,000 after purchasing an additional 2,616 shares in the last quarter. FNY Managed Accounts LLC bought a new position in Evans Bancorp in the third quarter worth about $159,000. Finally, Wells Fargo & Company MN raised its holdings in Evans Bancorp by 455.6% in the third quarter. Wells Fargo & Company MN now owns 4,517 shares of the bank’s stock worth $195,000 after purchasing an additional 3,704 shares in the last quarter.

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About Evans Bancorp

Evans Bancorp, Inc is a financial holding company. The Company conducts its business through its subsidiaries, such as Evans Bank, N.A. (the Bank), which provides a range of banking services to consumer and commercial customers in Western New York, and Evans National Financial Services, LLC (ENFS), which hold interests in The Evans Agency, LLC (TEA), which sells various premium-based insurance policies on a commission basis.

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