Evans Bancorp, Inc. to Issue Semi-annual Dividend of $0.66 (NYSEAMERICAN:EVBN)

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) announced a semi-annual dividend on Wednesday, August 23rd, NASDAQ reports. Stockholders of record on Tuesday, September 19th will be given a dividend of 0.66 per share by the bank on Wednesday, October 18th. This represents a dividend yield of 4.6%. The ex-dividend date is Monday, September 18th.

Evans Bancorp has raised its dividend payment by an average of 6.6% per year over the last three years and has increased its dividend annually for the last 12 consecutive years. Evans Bancorp has a payout ratio of 46.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Evans Bancorp to earn $3.17 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 41.6%.

Evans Bancorp Stock Performance

Shares of NYSEAMERICAN EVBN opened at $29.14 on Friday. The firm has a 50 day moving average price of $34.80. Evans Bancorp has a 52 week low of $23.20 and a 52 week high of $40.57. The company has a market cap of $159.69 million, a PE ratio of 7.07 and a beta of 0.91. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.08.

Evans Bancorp (NYSEAMERICAN:EVBN) last posted its earnings results on Thursday, July 27th. The bank reported $0.90 EPS for the quarter, topping the consensus estimate of $0.66 by $0.24. The company had revenue of $20.38 million during the quarter, compared to the consensus estimate of $20.31 million. Evans Bancorp had a net margin of 20.72% and a return on equity of 14.57%. On average, analysts predict that Evans Bancorp will post 3.24 EPS for the current year.

Institutional Investors Weigh In On Evans Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. UBS Group AG increased its position in Evans Bancorp by 86.1% in the 2nd quarter. UBS Group AG now owns 817 shares of the bank’s stock worth $28,000 after buying an additional 378 shares during the period. California State Teachers Retirement System bought a new stake in shares of Evans Bancorp during the second quarter valued at approximately $43,000. BNP Paribas Arbitrage SNC bought a new stake in shares of Evans Bancorp during the second quarter valued at approximately $45,000. MetLife Investment Management LLC bought a new stake in shares of Evans Bancorp during the second quarter valued at approximately $71,000. Finally, Wells Fargo & Company MN increased its position in shares of Evans Bancorp by 11,473.7% during the second quarter. Wells Fargo & Company MN now owns 4,398 shares of the bank’s stock valued at $110,000 after purchasing an additional 4,360 shares during the period. 62.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EVBN. StockNews.com began coverage on Evans Bancorp in a report on Wednesday, August 23rd. They set a “hold” rating on the stock. TheStreet raised Evans Bancorp from a “c+” rating to a “b-” rating in a research note on Friday, August 18th. Finally, Piper Sandler boosted their target price on Evans Bancorp from $31.00 to $33.00 in a report on Friday, July 28th.

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. It operates in two segments: Banking Activities and Insurance Agency Activities. The company offers deposit products, which include checking and negotiable order of withdrawal accounts, savings accounts, and certificates of deposit.