Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Short Interest Up 8.3% in July

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) was the recipient of a significant growth in short interest in July. As of July 31st, there was short interest totalling 23,500 shares, a growth of 8.3% from the July 15th total of 21,700 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average daily volume of 37,200 shares, the short-interest ratio is currently 0.6 days.

Insider Buying and Selling

In other Evans Bancorp news, major shareholder Pl Capital Advisors, Llc acquired 6,680 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average price of $32.81 per share, with a total value of $219,170.80. Following the completion of the acquisition, the insider now directly owns 611,759 shares of the company’s stock, valued at approximately $20,071,812.79. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 38,617 shares of company stock valued at $1,056,501 over the last ninety days. Corporate insiders own 6.34% of the company’s stock.

Institutional Investors Weigh In On Evans Bancorp

Hedge funds have recently made changes to their positions in the business. Endeavour Capital Advisors Inc. boosted its position in Evans Bancorp by 56.6% during the 2nd quarter. Endeavour Capital Advisors Inc. now owns 298,624 shares of the bank’s stock worth $8,394,000 after acquiring an additional 107,954 shares during the period. PL Capital Advisors LLC lifted its holdings in Evans Bancorp by 12.4% in the second quarter. PL Capital Advisors LLC now owns 605,079 shares of the bank’s stock worth $17,009,000 after purchasing an additional 66,642 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Evans Bancorp during the 2nd quarter worth about $500,000. American Century Companies Inc. acquired a new stake in Evans Bancorp in the second quarter worth approximately $337,000. Finally, Squarepoint Ops LLC acquired a new position in Evans Bancorp during the second quarter worth about $237,000. Institutional investors own 67.10% of the company’s stock.

Evans Bancorp Price Performance

EVBN stock traded up $0.76 during mid-day trading on Friday, hitting $34.28. 3,358 shares of the company were exchanged, compared to its average volume of 25,836. The firm has a market cap of $189.23 million, a P/E ratio of 8.95 and a beta of 0.92. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99. Evans Bancorp has a twelve month low of $24.07 and a twelve month high of $35.47.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings data on Tuesday, July 30th. The bank reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.15. Evans Bancorp had a return on equity of 11.36% and a net margin of 14.51%. The firm had revenue of $30.22 million for the quarter.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EVBN. Keefe, Bruyette & Woods raised their price target on Evans Bancorp from $26.50 to $30.50 and gave the company a “market perform” rating in a research report on Thursday, August 1st. Piper Sandler dropped their target price on shares of Evans Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Finally, StockNews.com upgraded shares of Evans Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st.

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. The company offers deposit products, which include checking and negotiable order of withdrawal accounts, savings accounts, and certificates of deposit.