Evans Bancorp (EVBN) Rating Increased 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 research report report published on Wednesday, January 10th, MarketBeat reports. The firm currently has $49.00 price target on the bank’s stock.

Evans Bancorp (NYSEAMERICAN EVBN) traded up $0.70 on Wednesday, reaching $43.00. 5,166 shares of the company traded hands, compared to its average volume of 12,548. The company has a market capitalization of $205.51, a price-to-earnings ratio of 17.27 and a beta of 0.43. Evans Bancorp has a one year low of $35.10 and a one year high of $47.08.

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

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in Evans Bancorp by 1.3% during the second quarter. The Manufacturers Life Insurance Company now owns 352,240 shares of the bank’s stock worth $14,072,000 after purchasing an additional 4,447 shares during the period. Maltese Capital Management LLC boosted its position in Evans Bancorp by 2.0% during the third quarter. Maltese Capital Management LLC now owns 237,100 shares of the bank’s stock worth $10,243,000 after purchasing an additional 4,700 shares during the period. Janus Henderson Group PLC bought a new position in Evans Bancorp during the second quarter worth about $5,853,000. Vanguard Group Inc. boosted its position in Evans Bancorp by 11.5% during the second quarter. Vanguard Group Inc. now owns 103,772 shares of the bank’s stock worth $4,145,000 after purchasing an additional 10,729 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Evans Bancorp by 3.7% during 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 during the period.

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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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