Evans Bancorp (NYSEAMERICAN:EVBN) was upgraded by equities researchers at Hovde Group from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday. The brokerage currently has a $49.00 target price on the bank’s stock. Hovde Group’s target price would indicate a potential upside of 20.39% from the company’s current price.

Shares of Evans Bancorp (NYSEAMERICAN:EVBN) opened at $40.70 on Wednesday. Evans Bancorp has a 1 year low of $34.00 and a 1 year high of $47.08. The stock has a market cap of $196.43, a PE ratio of 16.35 and a beta of 0.43.

Evans Bancorp (NYSEAMERICAN:EVBN) last posted its quarterly earnings results on Monday, October 30th. The bank reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.10. The business had revenue of $14.46 million during the quarter. Evans Bancorp had a net margin of 25.75% and a return on equity of 12.81%.

Institutional investors have recently bought and sold shares of the company. Penn Capital Management Co. Inc. lifted its holdings in Evans Bancorp by 2.1% in the second quarter. Penn Capital Management Co. Inc. now owns 65,167 shares of the bank’s stock worth $2,603,000 after buying an additional 1,316 shares during the period. Nationwide Fund Advisors purchased a new stake in Evans Bancorp in the second quarter worth about $101,000. Dimensional Fund Advisors LP lifted its holdings in Evans Bancorp by 3.7% in the third quarter. Dimensional Fund Advisors LP now owns 72,968 shares of the bank’s stock worth $3,152,000 after buying an additional 2,616 shares during the period. FNY Managed Accounts LLC purchased a new stake in Evans Bancorp in the third quarter worth about $159,000. Finally, Wells Fargo & Company MN lifted its holdings in Evans Bancorp by 455.6% in the third quarter. Wells Fargo & Company MN now owns 4,517 shares of the bank’s stock worth $195,000 after buying an additional 3,704 shares during the period.

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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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