Insider Selling: Evans Bancorp Inc. (EVBN) Insider Sells 456 Shares of Stock
Evans Bancorp Inc. (NYSEAMERICAN:EVBN) insider Robert G. Miller, Jr. sold 456 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $42.75, for a total value of $19,494.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Shares of Evans Bancorp Inc. (NYSEAMERICAN:EVBN) traded up $2.30 during trading on Wednesday, reaching $44.00. The company had a trading volume of 3,300 shares, compared to its average volume of 11,380. Evans Bancorp Inc. has a 1 year low of $27.40 and a 1 year high of $47.08.
Evans Bancorp (NYSEAMERICAN:EVBN) last announced its quarterly earnings data on Monday, October 30th. The bank reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.10. The firm had revenue of $14.46 million during the quarter. Evans Bancorp had a return on equity of 12.81% and a net margin of 25.75%.
Evans Bancorp announced that its Board of Directors has initiated a stock repurchase program on Thursday, October 19th that allows the company to repurchase 100,000 shares. This repurchase authorization allows the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
A number of institutional investors have recently made changes to their positions in EVBN. Nationwide Fund Advisors purchased a new stake in Evans Bancorp in the 2nd quarter worth about $101,000. FNY Managed Accounts LLC acquired a new position in Evans Bancorp in the 3rd quarter worth about $159,000. Hillsdale Investment Management Inc. acquired a new position in Evans Bancorp in the 2nd quarter worth about $160,000. Wells Fargo & Company MN increased its position in Evans Bancorp by 455.6% in the 3rd quarter. Wells Fargo & Company MN now owns 4,517 shares of the bank’s stock worth $195,000 after purchasing an additional 3,704 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Evans Bancorp in the 2nd quarter worth about $200,000.
Separately, Hovde Group downgraded Evans Bancorp from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $45.00 to $48.00 in a research note on Friday, September 29th.
Evans Bancorp Company Profile
Evans Bancorp, Inc is a financial holding company. The Company conducts its business through its subsidiaries, such as Evans Bank, N.A. (the Bank), which provides a range of banking services to consumer and commercial customers in Western New York, and Evans National Financial Services, LLC (ENFS), which hold interests in The Evans Agency, LLC (TEA), which sells various premium-based insurance policies on a commission basis.
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