StockNews.com Initiates Coverage on Evans Bancorp (NYSEAMERICAN:EVBN)

StockNews.com initiated coverage on shares of Evans Bancorp (NYSEAMERICAN:EVBN) in a research note released on Friday. The brokerage issued a hold rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods raised their price target on shares of Evans Bancorp from $26.50 to $30.50 and gave the company a “market perform” rating in a report on Thursday, August 1st.

Evans Bancorp Price Performance

Shares of EVBN opened at $39.15 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $216.50 million, a PE ratio of 11.76 and a beta of 0.91. Evans Bancorp has a 52 week low of $24.07 and a 52 week high of $41.18.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings results on Thursday, October 31st. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.13. The company had revenue of $31.69 million for the quarter. Evans Bancorp had a net margin of 13.80% and a return on equity of 10.40%.

Evans Bancorp Announces Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 12th were given a $0.66 dividend. The ex-dividend date was Thursday, September 12th. This represents a dividend yield of 3.9%. Evans Bancorp’s payout ratio is currently 39.64%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Endeavour Capital Advisors Inc. increased its position in Evans Bancorp by 56.6% in the second quarter. Endeavour Capital Advisors Inc. now owns 298,624 shares of the bank’s stock worth $8,394,000 after purchasing an additional 107,954 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Evans Bancorp in the second quarter valued at $500,000. American Century Companies Inc. bought a new stake in shares of Evans Bancorp in the 2nd quarter worth about $337,000. Vanguard Group Inc. boosted its stake in shares of Evans Bancorp by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after purchasing an additional 1,620 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in Evans Bancorp in the 2nd quarter worth about $237,000. 67.10% of the stock is owned by hedge funds and other institutional investors.

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.