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

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

Institutional Investors Weigh In On Evans Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in EVBN. Vanguard Group Inc. grew its stake in Evans Bancorp by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after buying an additional 1,620 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 buying an additional 66,642 shares during the last quarter. American Century Companies Inc. bought a new position in Evans Bancorp during the 2nd quarter worth $337,000. Cubist Systematic Strategies LLC bought a new position in Evans Bancorp during the 2nd quarter worth $500,000. Finally, Squarepoint Ops LLC bought a new position in Evans Bancorp during the 2nd quarter worth $237,000. 67.10% of the stock is owned by institutional investors and hedge funds.

Evans Bancorp Stock Performance

Shares of EVBN traded up $0.15 during trading on Wednesday, reaching $44.58. The company’s stock had a trading volume of 5,664 shares, compared to its average volume of 29,149. Evans Bancorp has a twelve month low of $24.07 and a twelve month high of $46.00. The firm 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.13. Evans Bancorp had a return on equity of 10.27% and a net margin of 13.80%. The company had revenue of $31.69 million for the quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Evans Bancorp from $42.32 to $45.50 and gave the stock a “market perform” rating in a research report on Friday, November 1st. StockNews.com began coverage on Evans Bancorp in a report on Monday. They issued a “hold” rating on the stock.

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.