Hanover Bancorp (NASDAQ:HNVR) Downgraded by Zacks Research to Hold

Hanover Bancorp (NASDAQ:HNVR) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

HNVR has been the topic of a number of other reports. Raymond James Financial started coverage on Hanover Bancorp in a research report on Wednesday, August 26th. They issued a “market perform” rating on the stock. Wall Street Zen cut Hanover Bancorp from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings cut Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Finally, Piper Sandler boosted their target price on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.50.

Hanover Bancorp Stock Down 2.1%

Shares of HNVR opened at $22.93 on Monday. The stock has a market cap of $161.89 million, a price-to-earnings ratio of 16.38 and a beta of 0.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17. Hanover Bancorp has a 12 month low of $20.19 and a 12 month high of $27.94. The company has a 50-day moving average price of $25.50 and a two-hundred day moving average price of $23.91.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Wednesday, October 28th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.01. Hanover Bancorp had a return on equity of 6.44% and a net margin of 7.33%. The company had revenue of $19.28 million for the quarter, compared to analyst estimates of $20.00 million. Equities analysts predict that Hanover Bancorp will post 2.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in Hanover Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock worth $683,000 after purchasing an additional 554 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Hanover Bancorp in the second quarter valued at $101,000. Algert Global LLC acquired a new stake in shares of Hanover Bancorp in the second quarter valued at $232,000. Bank of New York Mellon Corp bought a new position in shares of Hanover Bancorp in the second quarter valued at about $258,000. Finally, Corient Private Wealth LP bought a new position in shares of Hanover Bancorp in the second quarter valued at about $985,000. 15.02% of the stock is owned by institutional investors and hedge funds.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.