Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been given an average rating of “Hold” by the four ratings firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $26.25.

A number of equities research analysts recently issued reports on HNVR shares. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Piper Sandler upped their price objective on shares of Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research note on Monday. Wall Street Zen raised shares of Hanover Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 1st.

Insiders Place Their Bets

In other Hanover Bancorp news, Director Robert Golden sold 1,295 shares of Hanover Bancorp stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total value of $30,471.35. Following the completion of the transaction, the director owned 31,702 shares in the company, valued at approximately $745,948.06. The trade was a 3.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 4,566 shares of company stock worth $105,240. Company insiders own 24.38% of the company’s stock.

Institutional Trading of Hanover Bancorp

Several large investors have recently made changes to their positions in the business. Fourthstone LLC raised its holdings in shares of Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after buying an additional 95,194 shares during the last quarter. Geode Capital Management LLC grew its holdings in Hanover Bancorp by 117.7% during the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock worth $2,294,000 after acquiring an additional 57,166 shares during the last quarter. Corient Private Wealth LLC bought a new stake in Hanover Bancorp during the 2nd quarter worth about $572,000. GM Advisory Group LLC acquired a new stake in Hanover Bancorp in the 4th quarter valued at about $430,000. Finally, Citadel Advisors LLC acquired a new stake in Hanover Bancorp in the 3rd quarter valued at about $290,000. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Price Performance

Shares of HNVR stock opened at $26.50 on Friday. The stock’s fifty day simple moving average is $23.82 and its 200 day simple moving average is $22.87. Hanover Bancorp has a one year low of $19.91 and a one year high of $27.00. The firm has a market cap of $189.74 million, a price-to-earnings ratio of 20.87 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%.The firm had revenue of $19.57 million during the quarter, compared to analyst estimates of $19.83 million. On average, analysts expect that Hanover Bancorp will post 2.4 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Thursday, August 6th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. Hanover Bancorp’s dividend payout ratio is 31.50%.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.