Evans Bancorp (NYSEAMERICAN:EVBN) Rating Lowered to Market Perform at Hovde Group

Evans Bancorp (NYSEAMERICAN:EVBN) was downgraded by stock analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued on Monday, Price Targets.com reports. They currently have a $38.00 price objective on the bank’s stock, up from their previous price objective of $37.00. Hovde Group’s price objective suggests a potential upside of 6.29% from the company’s current price.

Separately, Zacks Investment Research upgraded Evans Bancorp from a “sell” rating to a “buy” rating and set a $39.00 price objective on the stock in a research report on Wednesday, March 31st.

Shares of Evans Bancorp stock opened at $35.75 on Monday. Evans Bancorp has a one year low of $21.70 and a one year high of $37.45. The stock has a market capitalization of $194.09 million, a P/E ratio of 18.82 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50 day moving average is $27.64.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings data on Thursday, April 29th. The bank reported $0.89 EPS for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.06). Evans Bancorp had a return on equity of 10.08% and a net margin of 11.80%. Equities analysts predict that Evans Bancorp will post 2.67 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EVBN. Brinker Capital Investments LLC purchased a new stake in shares of Evans Bancorp in the 3rd quarter valued at about $1,419,000. Envestnet Asset Management Inc. increased its position in Evans Bancorp by 141.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 41,106 shares of the bank’s stock valued at $1,393,000 after acquiring an additional 24,076 shares during the period. Advisors Capital Management LLC increased its position in Evans Bancorp by 91.6% in the 4th quarter. Advisors Capital Management LLC now owns 29,997 shares of the bank’s stock valued at $826,000 after acquiring an additional 14,344 shares during the period. BlackRock Inc. increased its position in Evans Bancorp by 5.2% in the 4th quarter. BlackRock Inc. now owns 287,070 shares of the bank’s stock valued at $7,907,000 after acquiring an additional 14,091 shares during the period. Finally, Renaissance Technologies LLC increased its position in Evans Bancorp by 59.1% in the 4th quarter. Renaissance Technologies LLC now owns 36,482 shares of the bank’s stock valued at $1,005,000 after acquiring an additional 13,551 shares during the period. 54.81% of the stock is owned by hedge funds and other institutional investors.

Evans Bancorp Company Profile

Evans Bancorp, Inc operates as the financial holding company for Evans Bank, N.A. that provides a range of banking products and services to consumer and commercial customers in Western New York. 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.

Read More: Equal Weight Rating

Receive News & Ratings for Evans Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Evans Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.