Hanover Bancorp (NASDAQ:HNVR) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Hanover Bancorp from “Buy” to “Hold,” although the broader analyst consensus remains “Buy” with a $28.50 target price.
• Hanover Bancorp reported quarterly EPS of $0.60, slightly exceeding the $0.59 consensus, while revenue of $19.28 million fell short of the $20.00 million estimate.
• The stock opened at $23.34, down 1.1%, with a market capitalization of approximately $164.8 million; institutional investors own 15.02% of outstanding shares.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

HNVR has been the topic of several other research reports. Zacks Research raised shares of Hanover Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. Raymond James Financial began coverage on shares of Hanover Bancorp in a research note on Wednesday, August 26th. They set a "market perform" rating for the company. Piper Sandler lifted their price objective on Hanover Bancorp from $26.50 to $28.50 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Finally, Weiss Ratings downgraded Hanover Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Hanover Bancorp has a consensus rating of "Buy" and a consensus target price of $28.50.

Hanover Bancorp Trading Down 1.1%

NASDAQ:HNVR opened at $23.34 on Friday. Hanover Bancorp has a 52-week low of $20.00 and a 52-week high of $27.94. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17. The stock has a fifty day simple moving average of $25.65 and a 200-day simple moving average of $23.90. The company has a market capitalization of $164.78 million, a PE ratio of 16.67 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.01. Hanover Bancorp had a net margin of 7.33% and a return on equity of 6.44%. The firm had revenue of $19.28 million for the quarter, compared to analysts' expectations of $20.00 million. On average, equities research analysts expect that Hanover Bancorp will post 2.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HNVR. Deutsche Bank AG acquired a new stake in shares of Hanover Bancorp during the 2nd quarter worth about $101,000. Algert Global LLC purchased a new stake in shares of Hanover Bancorp during the second quarter worth about $232,000. Bank of New York Mellon Corp acquired a new position in shares of Hanover Bancorp in the second quarter valued at approximately $258,000. Dimensional Fund Advisors LP raised its position 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 valued at $683,000 after buying an additional 554 shares during the last quarter. Finally, Corient Private Wealth LP acquired a new position in shares of Hanover Bancorp in the second quarter valued at approximately $985,000. Institutional investors and hedge funds own 15.02% of the company's stock.

About Hanover Bancorp

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.

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