Short Interest in Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Grows By 414.8%

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) was the target of a large increase in short interest during the month of 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 trading volume of 39,700 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Evans Bancorp

A number of hedge funds have recently made changes to their positions in the company. Endeavour Capital Advisors Inc. increased its holdings in shares of Evans Bancorp by 56.6% in the second quarter. Endeavour Capital Advisors Inc. now owns 298,624 shares of the bank’s stock valued at $8,394,000 after purchasing an additional 107,954 shares during the last quarter. PL Capital Advisors LLC grew its stake in Evans Bancorp by 12.4% during the 2nd quarter. PL Capital Advisors LLC now owns 605,079 shares of the bank’s stock worth $17,009,000 after purchasing an additional 66,642 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Evans Bancorp during the 2nd quarter worth $500,000. Stifel Financial Corp acquired a new position in shares of Evans Bancorp during the 3rd quarter worth about $556,000. Finally, American Century Companies Inc. acquired a new position in shares of Evans Bancorp during the 2nd quarter worth about $337,000. Institutional investors and hedge funds own 67.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EVBN. Keefe, Bruyette & Woods lifted their target price on Evans Bancorp from $42.32 to $45.50 and gave the stock a “market perform” rating in a report on Friday, November 1st. StockNews.com assumed coverage on Evans Bancorp in a research report on Monday. They issued a “hold” rating for the company.

Evans Bancorp Stock Down 0.4 %

Shares of EVBN traded down $0.17 during mid-day trading on Friday, reaching $44.41. The company had a trading volume of 4,898 shares, compared to its average volume of 29,043. Evans Bancorp has a 52-week low of $24.07 and a 52-week high of $46.00. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $246.03 million, a price-to-earnings ratio of 13.34 and a beta of 0.91.

Evans Bancorp (NYSEAMERICAN:EVBN) last issued its quarterly earnings results on Thursday, October 31st. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.13. The company had revenue of $31.69 million for the quarter. Evans Bancorp had a return on equity of 10.27% and a net margin of 13.80%.

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.