Hovde Group lowered shares of Evans Bancorp Inc. (NASDAQ:EVBN) from an outperform rating to a market perform rating in a report issued on Friday morning. They currently have $48.00 target price on the bank’s stock, up from their prior target price of $45.00.

Separately, ValuEngine raised shares of Evans Bancorp from a hold rating to a buy rating in a research note on Friday, June 2nd.

Evans Bancorp (EVBN) traded down 3.03% on Friday, hitting $43.20. 7,957 shares of the stock were exchanged. The firm has a market cap of $205.80 million and a P/E ratio of 19.23. Evans Bancorp has a 12 month low of $25.90 and a 12 month high of $44.80. The company has a 50-day moving average of $40.78 and a 200 day moving average of $39.72.

Evans Bancorp (NASDAQ:EVBN) last announced its quarterly earnings data on Thursday, July 27th. The bank reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.04. The firm had revenue of $13.21 million during the quarter. Evans Bancorp had a net margin of 19.82% and a return on equity of 9.20%. Equities research analysts expect that Evans Bancorp will post $2.45 earnings per share for the current fiscal year.

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The company also recently disclosed a semiannual dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be paid a $0.40 dividend. The ex-dividend date is Monday, September 11th. This represents a dividend yield of 1.97%.

Several hedge funds and other institutional investors have recently made changes to their positions in EVBN. Nationwide Fund Advisors purchased a new stake in shares of Evans Bancorp in the second quarter worth $101,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Evans Bancorp in the second quarter worth $160,000. New York State Common Retirement Fund purchased a new stake in shares of Evans Bancorp in the second quarter worth $200,000. Schwab Charles Investment Management Inc. purchased a new stake in shares of Evans Bancorp in the second quarter worth $316,000. Finally, Teachers Advisors LLC purchased a new stake in shares of Evans Bancorp in the second quarter worth $324,000.

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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