Evans Bancorp (NYSEAMERICAN:EVBN) Downgraded by Zacks Investment Research to Hold

Evans Bancorp (NYSEAMERICAN:EVBNGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Evans Bancorp, Inc. is a bank holding company and conducts its business through its wholly-owned subsidiary, Evans National Bank and the Bank’s wholly-owned subsidiaries, ENB Associates Inc. and M&W Agency, Inc. The principal business of the Company, is commercial banking and consists of, among other things, attracting deposits from the general public and using these funds to extend credit and to invest in securities. The Bank offers a variety of loan products to its customers including commercial loans, commercial and residential mortgage loans, and consumer loans. “

Shares of Evans Bancorp stock traded up $0.19 during mid-day trading on Thursday, reaching $37.11. 18,877 shares of the stock were exchanged, compared to its average volume of 7,667. The stock has a market capitalization of $204.96 million, a P/E ratio of 8.49 and a beta of 1.07. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17. Evans Bancorp has a fifty-two week low of $35.95 and a fifty-two week high of $44.47.

Evans Bancorp (NYSEAMERICAN:EVBNGet Rating) last announced its earnings results on Wednesday, April 27th. The bank reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. Evans Bancorp had a net margin of 24.93% and a return on equity of 13.83%. On average, equities analysts anticipate that Evans Bancorp will post 3.52 earnings per share for the current year.

In other Evans Bancorp news, Director Robert G. Miller, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $38.99, for a total value of $77,980.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David J. Nasca sold 2,595 shares of the firm’s stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $39.02, for a total transaction of $101,256.90. The disclosure for this sale can be found here. Company insiders own 6.39% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of EVBN. Alliancebernstein L.P. boosted its stake in shares of Evans Bancorp by 246.0% in the 3rd quarter. Alliancebernstein L.P. now owns 126,192 shares of the bank’s stock valued at $4,833,000 after purchasing an additional 89,716 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. bought a new position in shares of Evans Bancorp in the 4th quarter valued at about $3,471,000. Members Advisory Group LLC bought a new position in shares of Evans Bancorp in the 4th quarter valued at about $1,485,000. Employees Retirement System of Texas boosted its stake in Evans Bancorp by 85.6% during the 1st quarter. Employees Retirement System of Texas now owns 47,700 shares of the bank’s stock worth $1,813,000 after acquiring an additional 22,000 shares during the last quarter. Finally, Sonen Capital LLC bought a new position in Evans Bancorp during the 4th quarter worth approximately $846,000. 54.07% of the stock is currently owned by institutional investors.

About Evans Bancorp (Get Rating)

Evans Bancorp, Inc primarily 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 and the Finger Lakes Region of New York State. It operates in two segments, Banking Activities and Insurance Agency Activities.

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