Short Interest in Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Grows By 14.1%

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 69,600 shares, a growth of 14.1% from the October 15th total of 61,000 shares. Based on an average daily trading volume, of 10,900 shares, the short-interest ratio is currently 6.4 days. Approximately 1.3% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms have commented on EVBN. TheStreet raised Evans Bancorp from a “c+” rating to a “b-” rating in a report on Friday, August 18th. Piper Sandler dropped their price target on Evans Bancorp from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Friday, October 27th. StockNews.com initiated coverage on Evans Bancorp in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Evans Bancorp from $25.00 to $26.50 and gave the stock a “market perform” rating in a report on Tuesday.

Evans Bancorp Stock Performance

Shares of NYSEAMERICAN:EVBN opened at $28.40 on Wednesday. The firm has a 50 day moving average price of $34.80. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $155.63 million, a P/E ratio of 7.26 and a beta of 0.92. Evans Bancorp has a 52 week low of $23.20 and a 52 week high of $40.57.

Evans Bancorp (NYSEAMERICAN:EVBN) last posted its earnings results on Thursday, October 26th. The bank reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.06). The business had revenue of $19.81 million for the quarter, compared to the consensus estimate of $20.60 million. Evans Bancorp had a return on equity of 13.10% and a net margin of 18.07%. On average, sell-side analysts forecast that Evans Bancorp will post 3.07 earnings per share for the current year.

Evans Bancorp Announces Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Wednesday, October 18th. Stockholders of record on Tuesday, September 19th were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Monday, September 18th. This represents a dividend yield of 4.6%. Evans Bancorp’s dividend payout ratio is currently 35.48%.

Insider Buying and Selling

In other Evans Bancorp news, Director Lee C. Wortham purchased 2,966 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were acquired at an average price of $27.23 per share, for a total transaction of $80,764.18. Following the acquisition, the director now owns 19,859 shares of the company’s stock, valued at $540,760.57. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jody L. Lomeo purchased 1,500 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were bought at an average price of $27.00 per share, with a total value of $40,500.00. Following the completion of the transaction, the director now directly owns 5,299 shares in the company, valued at approximately $143,073. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Lee C. Wortham acquired 2,966 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were purchased at an average cost of $27.23 per share, with a total value of $80,764.18. Following the completion of the acquisition, the director now owns 19,859 shares in the company, valued at approximately $540,760.57. The disclosure for this purchase can be found here. 6.38% of the stock is currently owned by corporate insiders.

Institutional Trading of Evans Bancorp

A number of institutional investors have recently made changes to their positions in EVBN. Janney Montgomery Scott LLC acquired a new stake in Evans Bancorp in the 2nd quarter valued at about $397,000. Royal Bank of Canada lifted its position in shares of Evans Bancorp by 6.4% in the first quarter. Royal Bank of Canada now owns 4,563 shares of the bank’s stock valued at $174,000 after buying an additional 276 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Evans Bancorp by 11,473.7% during the 2nd quarter. Wells Fargo & Company MN now owns 4,398 shares of the bank’s stock worth $110,000 after acquiring an additional 4,360 shares during the period. UBS Group AG increased its holdings in shares of Evans Bancorp by 243.8% during the 1st quarter. UBS Group AG now owns 3,290 shares of the bank’s stock worth $110,000 after acquiring an additional 2,333 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Evans Bancorp during the 2nd quarter worth approximately $71,000. Institutional investors own 62.67% of the company’s stock.

Evans Bancorp Company Profile

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.