Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Sees Significant Growth in Short Interest

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) saw a significant increase in short interest in November. As of November 15th, there was short interest totalling 83,400 shares, an increase of 414.8% from the October 31st total of 16,200 shares. Based on an average daily volume of 39,700 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.6% of the shares of the company are sold short.

Institutional Investors Weigh In On Evans Bancorp

Several hedge funds have recently modified their holdings of EVBN. PL Capital Advisors LLC lifted its stake in Evans Bancorp by 1.1% in the 3rd quarter. PL Capital Advisors LLC now owns 611,759 shares of the bank’s stock worth $23,840,000 after acquiring an additional 6,680 shares in the last quarter. Endeavour Capital Advisors Inc. lifted its stake in Evans Bancorp by 56.6% in the 2nd quarter. Endeavour Capital Advisors Inc. now owns 298,624 shares of the bank’s stock worth $8,394,000 after acquiring an additional 107,954 shares in the last quarter. Vanguard Group Inc. lifted its stake in Evans Bancorp by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after acquiring an additional 1,620 shares in the last quarter. Geode Capital Management LLC lifted its stake in Evans Bancorp by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 55,786 shares of the bank’s stock worth $2,175,000 after acquiring an additional 3,583 shares in the last quarter. Finally, De Lisle Partners LLP lifted its stake in Evans Bancorp by 30.3% in the 3rd quarter. De Lisle Partners LLP now owns 46,943 shares of the bank’s stock worth $1,829,000 after acquiring an additional 10,908 shares in the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

Evans Bancorp Trading Up 0.3 %

Shares of NYSEAMERICAN EVBN traded up $0.15 during mid-day trading on Wednesday, hitting $44.58. 5,664 shares of the company traded hands, compared to its average volume of 29,149. Evans Bancorp has a 1 year low of $24.07 and a 1 year high of $46.00. The company has a market cap of $246.97 million, a price-to-earnings ratio of 13.49 and a beta of 0.91. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.86.

Evans Bancorp (NYSEAMERICAN:EVBN) last announced its earnings results on Thursday, October 31st. The bank reported $0.53 EPS for the quarter, beating the consensus estimate of $0.40 by $0.13. Evans Bancorp had a return on equity of 10.27% and a net margin of 13.80%. The business had revenue of $31.69 million during the quarter.

Analysts Set New Price Targets

EVBN has been the subject of several research reports. Keefe, Bruyette & Woods raised their target price on Evans Bancorp from $42.32 to $45.50 and gave the company a “market perform” rating in a research note on Friday, November 1st. StockNews.com initiated coverage on Evans Bancorp in a research note on Monday. They set a “hold” rating for the company.

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.