Wall Street Zen Initiates Coverage on Evans Bancorp (NYSE:EVBN)

Wall Street Zen initiated coverage on shares of Evans Bancorp (NYSE:EVBN) in a research report sent to investors on Tuesday. The brokerage issued a hold rating on the stock.

Evans Bancorp Stock Up 2.4%

Shares of EVBN opened at $39.53 on Tuesday. The business has a 50-day moving average of $38.13. 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 stock has a market capitalization of $220.06 million, a P/E ratio of 18.39 and a beta of 0.71. Evans Bancorp has a 52 week low of $24.80 and a 52 week high of $46.21.

Insiders Place Their Bets

In other news, CEO David J. Nasca sold 1,434 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $38.81, for a total transaction of $55,653.54. Following the sale, the chief executive officer now directly owns 104,431 shares of the company’s stock, valued at $4,052,967.11. This represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.34% of the company’s stock.

Hedge Funds Weigh In On Evans Bancorp

Hedge funds have recently bought and sold shares of the business. Barclays PLC increased its holdings in Evans Bancorp by 1.7% in the 4th quarter. Barclays PLC now owns 16,438 shares of the company’s stock worth $712,000 after acquiring an additional 275 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Evans Bancorp by 68,200.0% during the 4th quarter. Wells Fargo & Company MN now owns 683 shares of the company’s stock worth $30,000 after purchasing an additional 682 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Evans Bancorp by 7.8% in the fourth quarter. Northern Trust Corp now owns 11,495 shares of the company’s stock worth $498,000 after buying an additional 832 shares in the last quarter. Deutsche Bank AG purchased a new stake in Evans Bancorp during the 1st quarter valued at about $34,000. Finally, Ritholtz Wealth Management lifted its stake in Evans Bancorp by 25.3% in the 4th quarter. Ritholtz Wealth Management now owns 7,022 shares of the company’s stock worth $304,000 after purchasing an additional 1,417 shares in the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

About Evans Bancorp

Evans Bancorp, Inc primarily operates as the financial holding company for Evans Bank, N.A. that provides a range of banking products and services to consumer and commercial customers in Western New York and the Finger Lakes Region of New York State. It operates in two segments, Banking Activities and Insurance Agency Activities.