Hovde Group Upgrades Evans Bancorp (EVBN) to “Outperform”

Hovde Group upgraded shares of Evans Bancorp (NYSEAMERICAN:EVBN) from a market perform rating to an outperform rating in a research report report published on Wednesday, Marketbeat.com reports. The firm currently has $49.00 target price on the bank’s stock.

Shares of Evans Bancorp (NYSEAMERICAN EVBN) opened at $42.70 on Wednesday. The company has a market capitalization of $204.07, a price-to-earnings ratio of 17.15 and a beta of 0.43. Evans Bancorp has a fifty-two week low of $34.90 and a fifty-two week high of $47.08.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its earnings results on Monday, October 30th. The bank reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.10. The firm had revenue of $14.46 million for the quarter. Evans Bancorp had a return on equity of 12.81% and a net margin of 25.75%.

Several hedge funds have recently bought and sold shares of EVBN. Janus Henderson Group PLC acquired a new stake in shares of Evans Bancorp during the second quarter worth $5,853,000. State Street Corp acquired a new stake in shares of Evans Bancorp during the second quarter worth $2,002,000. Northern Trust Corp boosted its holdings in shares of Evans Bancorp by 570.0% during the second quarter. Northern Trust Corp now owns 46,601 shares of the bank’s stock worth $1,861,000 after purchasing an additional 39,646 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of Evans Bancorp during the third quarter worth $749,000. Finally, Numeric Investors LLC acquired a new stake in shares of Evans Bancorp during the second quarter worth $535,000.

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About Evans Bancorp

Evans Bancorp, Inc is a financial holding company. The Company conducts its business through its subsidiaries, such as Evans Bank, N.A. (the Bank), which provides a range of banking services to consumer and commercial customers in Western New York, and Evans National Financial Services, LLC (ENFS), which hold interests in The Evans Agency, LLC (TEA), which sells various premium-based insurance policies on a commission basis.

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