Piper Sandler Cuts Evans Bancorp (NYSEAMERICAN:EVBN) Price Target to $27.00

Evans Bancorp (NYSEAMERICAN:EVBN) had its target price lowered by Piper Sandler from $30.00 to $27.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Evans Bancorp Stock Performance

NYSEAMERICAN EVBN opened at $24.34 on Wednesday. The firm has a market cap of $134.11 million, a P/E ratio of 5.45 and a beta of 0.88. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.00 and a quick ratio of 1.00. Evans Bancorp has a 1 year low of $23.20 and a 1 year high of $33.58.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings results on Tuesday, April 30th. The bank reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.04). The company had revenue of $16.17 million for the quarter, compared to analyst estimates of $16.20 million. Evans Bancorp had a return on equity of 15.16% and a net margin of 18.90%. As a group, analysts predict that Evans Bancorp will post 2.11 EPS for the current year.

Evans Bancorp Dividend Announcement

The business also recently declared a semi-annual dividend, which was paid on Tuesday, April 9th. Shareholders of record on Tuesday, March 12th were given a dividend of $0.66 per share. This represents a yield of 4.5%. The ex-dividend date was Monday, March 11th. Evans Bancorp’s dividend payout ratio is currently 29.53%.

Insiders Place Their Bets

In other Evans Bancorp news, CEO David J. Nasca sold 1,105 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $29.09, for a total transaction of $32,144.45. Following the sale, the chief executive officer now directly owns 95,913 shares of the company’s stock, valued at approximately $2,790,109.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Treasurer John B. Connerton sold 3,146 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $29.12, for a total transaction of $91,611.52. Following the sale, the treasurer now directly owns 16,304 shares of the company’s stock, valued at approximately $474,772.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David J. Nasca sold 1,105 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $29.09, for a total transaction of $32,144.45. Following the sale, the chief executive officer now directly owns 95,913 shares in the company, valued at $2,790,109.17. The disclosure for this sale can be found here. 6.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Evans Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PL Capital Advisors LLC grew its position in shares of Evans Bancorp by 3.0% in the first quarter. PL Capital Advisors LLC now owns 538,437 shares of the bank’s stock valued at $16,078,000 after purchasing an additional 15,788 shares during the period. Prime Capital Investment Advisors LLC acquired a new stake in shares of Evans Bancorp in the fourth quarter valued at about $203,000. Kennedy Capital Management LLC grew its position in shares of Evans Bancorp by 20.7% in the third quarter. Kennedy Capital Management LLC now owns 21,955 shares of the bank’s stock valued at $588,000 after purchasing an additional 3,770 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Evans Bancorp by 78.1% in the first quarter. BNP Paribas Financial Markets now owns 2,624 shares of the bank’s stock valued at $78,000 after purchasing an additional 1,151 shares during the period. 67.10% of the stock is owned by hedge funds and other institutional investors.

About Evans Bancorp

Evans Bancorp, Inc primarily operates as financial holding company for Evans Bank, N.A. that provides a range of banking products and services to consumer and commercial customers in the United States. The company offers deposit products, which include checking and negotiable order of withdrawal accounts, savings accounts, and certificates of deposit.