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

by · The Markets Daily

Hanover Bancorp, Inc. (NASDAQ:HNVR – Get Free Report) has earned an average recommendation of “Hold” from the five analysts that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $24.50.

Several brokerages recently weighed in on HNVR. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday. Zacks Research upgraded shares of Hanover Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, September 22nd. Finally, Piper Sandler lifted their price target on shares of Hanover Bancorp from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th.

Read Our Latest Stock Analysis on Hanover Bancorp

Hanover Bancorp Stock Performance

NASDAQ HNVR opened at $23.52 on Wednesday. The firm’s 50 day simple moving average is $22.22 and its 200 day simple moving average is $22.16. The firm has a market capitalization of $169.16 million, a price-to-earnings ratio of 15.47 and a beta of 0.04. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. Hanover Bancorp has a 1 year low of $18.31 and a 1 year high of $27.00.

Hanover Bancorp (NASDAQ:HNVR – Get Free Report) last announced its quarterly earnings data on Thursday, September 4th. The company reported $0.33 EPS for the quarter. The business had revenue of $18.36 million during the quarter. Hanover Bancorp had a net margin of 7.82% and a return on equity of 7.20%. As a group, research analysts expect that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, November 13th. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. Hanover Bancorp’s dividend payout ratio is 26.32%.

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 5,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total transaction of $106,250.00. Following the sale, the director owned 80,769 shares in the company, valued at $1,716,341.25. The trade was a 5.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 23.88% of the stock is currently owned by company insiders.

Institutional Trading of Hanover Bancorp

Hedge funds have recently made changes to their positions in the company. Fourthstone LLC bought a new stake in shares of Hanover Bancorp during the second quarter worth about $6,690,000. Geode Capital Management LLC boosted its position 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 buying an additional 57,166 shares during the period. Corient Private Wealth LLC bought a new stake in Hanover Bancorp during the 2nd quarter worth approximately $572,000. Goldman Sachs Group Inc. grew its holdings in Hanover Bancorp by 24.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock worth $486,000 after acquiring an additional 4,356 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Hanover Bancorp by 97.5% in the 1st quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock valued at $467,000 after acquiring an additional 10,511 shares during the period. 15.02% of the stock is owned by institutional investors and hedge funds.

Hanover Bancorp Company Profile

(Get Free Report)

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.

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