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 on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $49.00 price objective on the bank’s stock. Hovde Group’s price objective suggests a potential upside of 14.75% from the stock’s previous close.

Evans Bancorp (EVBN) traded up $0.40 during trading hours on Wednesday, reaching $42.70. The company had a trading volume of 11,120 shares, compared to its average volume of 12,352. 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 12 month low of $34.90 and a 12 month high of $47.08.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Evans Bancorp by 11.5% during the second quarter. Vanguard Group Inc. now owns 103,772 shares of the bank’s stock valued at $4,145,000 after purchasing an additional 10,729 shares in the last quarter. Bank of New York Mellon Corp raised its position in Evans Bancorp by 133.4% during the second quarter. Bank of New York Mellon Corp now owns 21,907 shares of the bank’s stock valued at $875,000 after purchasing an additional 12,519 shares in the last quarter. Northern Trust Corp raised its position in Evans Bancorp by 570.0% during the second quarter. Northern Trust Corp now owns 46,601 shares of the bank’s stock valued at $1,861,000 after purchasing an additional 39,646 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Evans Bancorp during the second quarter valued at about $5,853,000. Finally, TIAA CREF Investment Management LLC purchased a new stake in Evans Bancorp during the second quarter valued at about $490,000.

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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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