Hanover Bancorp (NASDAQ:HNVR) Rating Increased to Buy at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Hanover Bancorp (NASDAQ:HNVR – Free Report) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

HNVR has been the topic of several other reports. Zacks Research raised shares of Hanover Bancorp to a “hold” rating in a report on Monday, July 13th. Raymond James Financial initiated coverage on shares of Hanover Bancorp in a report on Wednesday, August 26th. They set a “market perform” rating for the company. Weiss Ratings upgraded shares of Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler upped their price target on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.50.

Check Out Our Latest Report on HNVR

Hanover Bancorp Trading Down 0.1%

Shares of NASDAQ:HNVR opened at $26.63 on Friday. 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 52-week low of $19.91 and a 52-week high of $27.94. The stock has a market cap of $188.01 million, a price-to-earnings ratio of 20.97 and a beta of 0.10. The business has a 50-day moving average price of $26.54 and a 200-day moving average price of $23.94.

Hanover Bancorp (NASDAQ:HNVR – Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%.The firm had revenue of $19.57 million for the quarter, compared to analyst estimates of $19.83 million. Equities analysts predict that Hanover Bancorp will post 2.4 EPS for the current year.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th were given a dividend of $0.10 per share. The ex-dividend date was 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 currently 31.50%.

Insider Buying and Selling

In other Hanover Bancorp news, President Kevin O’Connor acquired 10,000 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were bought at an average cost of $26.88 per share, with a total value of $268,800.00. Following the completion of the acquisition, the president owned 12,300 shares in the company, valued at approximately $330,624. This trade represents a 434.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 24.38% of the company’s stock.

Institutional Trading of Hanover Bancorp

Institutional investors have recently modified their holdings of the stock. Deutsche Bank AG purchased a new stake in Hanover Bancorp during the 2nd quarter worth approximately $101,000. Algert Global LLC purchased a new position in shares of Hanover Bancorp in the second quarter valued at approximately $232,000. Bank of New York Mellon Corp purchased a new position in shares of Hanover Bancorp in the second quarter valued at approximately $258,000. Dimensional Fund Advisors LP boosted its stake in shares of 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 acquiring an additional 554 shares during the last quarter. Finally, Corient Private Wealth LP acquired a new stake in shares of Hanover Bancorp in the second quarter worth approximately $985,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

About Hanover Bancorp

(Get Free Report)

Hanover Bancorp, Inc is a bank holding company that operates through Hanover Community Bank, a community-focused financial institution serving businesses, individuals and municipal customers. The bank is headquartered in Mineola, New York, and has historically focused its operations on Long Island and the New York City metropolitan area, including Nassau, Suffolk, Queens, Brooklyn and Manhattan.

Hanover Community Bank provides a range of deposit products, including checking, savings, money market and certificate of deposit accounts.

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