Chicago Capital Management LLC Acquires New Position in Evans Bancorp Inc (NYSE:EVBN)

Chicago Capital Management LLC acquired a new position in Evans Bancorp Inc (NYSE:EVBN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 195,739 shares of the company's stock, valued at approximately $8,475,000. Evans Bancorp accounts for approximately 5.2% of Chicago Capital Management LLC's portfolio, making the stock its 3rd largest holding. Chicago Capital Management LLC owned about 3.53% of Evans Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EVBN. PL Capital Advisors LLC increased its position in Evans Bancorp by 4,230.0% in the fourth quarter. PL Capital Advisors LLC now owns 26,489,165 shares of the company's stock worth $1,146,981,000 after buying an additional 25,877,406 shares in the last quarter. ABC Arbitrage SA purchased a new position in Evans Bancorp during the fourth quarter valued at approximately $2,417,000. American Century Companies Inc. boosted its position in shares of Evans Bancorp by 89.7% in the fourth quarter. American Century Companies Inc. now owns 69,408 shares of the company's stock worth $3,005,000 after purchasing an additional 32,822 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Evans Bancorp during the 4th quarter valued at $657,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Evans Bancorp by 15.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 29,542 shares of the company's stock valued at $1,279,000 after buying an additional 3,921 shares in the last quarter. Hedge funds and other institutional investors own 67.10% of the company's stock.

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Insider Transactions at Evans Bancorp

In related news, CEO David J. Nasca sold 1,434 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $38.81, for a total value of $55,653.54. Following the completion of the transaction, the chief executive officer now directly owns 104,431 shares of the company's stock, valued at approximately $4,052,967.11. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.34% of the company's stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on Evans Bancorp in a research note on Tuesday, March 25th. They issued a "hold" rating for the company.

Evans Bancorp Stock Performance

Shares of Evans Bancorp stock traded down $0.81 on Friday, hitting $38.75. 11,168 shares of the company traded hands, compared to its average volume of 24,276. Evans Bancorp Inc has a 52 week low of $24.07 and a 52 week high of $46.21. The company's 50-day moving average price is $41.96. 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 firm has a market cap of $215.72 million, a PE ratio of 18.02 and a beta of 0.97.

Evans Bancorp Dividend Announcement

The company also recently announced a semi-annual dividend, which will be paid on Thursday, April 10th. Stockholders of record on Thursday, March 13th will be issued a $0.66 dividend. The ex-dividend date is Thursday, March 13th. This represents a dividend yield of 3.1%. Evans Bancorp's dividend payout ratio (DPR) is 61.40%.

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.