In a notable transaction, executives from PL Capital Advisors, LLC have recently increased their stake in Evans Bancorp Inc (NYSEAMERICAN:NYSE:EVBN), a financial institution based in New York. The investment firm, which is known for advising various investment partnerships and funds, reported the acquisition of additional shares in the bank.
The executives involved in the purchase include Richard J. Lashley and John W. Palmer, both managing members of PL Capital Advisors. The transactions, which occurred on May 29 and May 30, totaled an investment of approximately $527,777. Shares were bought at prices ranging from $25.6467 to $25.8157, reflecting a weighted average price that takes into account the variation in prices paid for the shares.
On May 29, a total of 20,146 shares of common stock were acquired at an average price of $25.8157, while on May 30, an additional 300 shares were purchased at an average price of $25.6467. These transactions have increased the executives' ownership in Evans Bancorp, with the shares held indirectly through PL Capital Advisors.
PL Capital Advisors, through its managing members, has sole voting and dispositive power over the common stock held by their clients. However, the clients themselves do not have the right to acquire voting or dispositive power over the stock within sixty days, as indicated in the footnotes of the SEC filing. The firm has made it clear that it is willing to provide detailed information regarding the number of shares purchased at each price within the range upon request.
These purchases signal a strong vote of confidence in the future of Evans Bancorp by the executives of PL Capital Advisors. Shareholders and potential investors often view such insider buying activity as a positive indicator of a company's prospects. With the firm now holding a significant amount of shares, it will be interesting to watch how this investment influences the strategic direction and performance of Evans Bancorp moving forward.
InvestingPro Insights
In light of the recent insider buying activity at Evans Bancorp Inc (NYSEAMERICAN:EVBN), investors may find additional context in the company's financial metrics and analyst expectations. According to InvestingPro data, Evans Bancorp is trading at a low earnings multiple with a P/E Ratio (Adjusted) as of the last twelve months as of Q1 2024 standing at 6.54. This valuation could suggest that the company's stock is potentially undervalued compared to earnings. Moreover, the Price / Book ratio during the same period is 0.9, which might indicate that the stock is reasonably valued in terms of its assets.
Despite the company's solid dividend track record, with dividends raised for 10 consecutive years and maintained for 24 consecutive years, analysts are anticipating a sales decline in the current year, with a Revenue Growth rate of -3.24% over the last twelve months as of Q1 2024. This could be a factor for investors to consider, as it might impact future profitability. However, it's worth noting that analysts predict the company will remain profitable this year, and it has been profitable over the last twelve months, which aligns with the confidence shown by the executives from PL Capital Advisors.
For investors looking to delve deeper into Evans Bancorp's financials and future prospects, there are additional InvestingPro Tips available. These tips provide insights on aspects such as gross profit margins, net income expectations, and more, which can be critical when evaluating the company's overall health and investment potential. For a more comprehensive analysis, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. There are currently 8 additional InvestingPro Tips listed for Evans Bancorp, offering valuable guidance for those considering an investment in the company.
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