Hanover Bancorp (NASDAQ:HNVR) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Hanover Bancorp from “hold” to “buy,” contributing to a consensus “Moderate Buy” rating and an average analyst price target of $28.50.
• Hanover Bancorp reported quarterly earnings of $0.58 per share, exceeding estimates of $0.56, while revenue of $19.57 million fell slightly short of expectations.
• President Kevin O’Connor purchased 10,000 shares for approximately $268,800, and institutional investors including Deutsche Bank and Corient Private Wealth recently established positions.

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

Several other equities analysts have also weighed in on HNVR. Piper Sandler increased their target price on Hanover Bancorp from $26.50 to $28.50 and gave the company an "overweight" rating in a research note on Monday, July 27th. Weiss Ratings raised Hanover Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Raymond James Financial began coverage on shares of Hanover Bancorp in a research report on Wednesday, August 26th. They issued a "market perform" rating on the stock. Finally, Zacks Research raised shares of Hanover Bancorp to a "hold" rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $28.50.

Hanover Bancorp Price Performance

HNVR opened at $26.63 on Friday. The company has a fifty day moving average price of $26.54 and a two-hundred day moving average price of $23.94. The firm has a market capitalization of $187.87 million, a PE ratio of 20.97 and a beta of 0.10. Hanover Bancorp has a 52 week low of $19.91 and a 52 week high of $27.94. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share 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 company had revenue of $19.57 million for the quarter, compared to the consensus estimate of $19.83 million. As a group, analysts anticipate that Hanover Bancorp will post 2.4 earnings per share for the current year.

Insider Activity

In related news, President Kevin O'Connor acquired 10,000 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were acquired at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the acquisition, the president directly owned 12,300 shares in the company, valued at approximately $330,624. The trade was a 434.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 24.38% of the stock is owned by corporate insiders.

Institutional Trading of Hanover Bancorp

A number of institutional investors have recently modified their holdings of the company. Deutsche Bank AG acquired a new position in shares of Hanover Bancorp during the second quarter worth about $101,000. Algert Global LLC acquired a new position in Hanover Bancorp during the 2nd quarter worth approximately $232,000. Bank of New York Mellon Corp bought a new position in shares of Hanover Bancorp during the 2nd quarter worth approximately $258,000. Dimensional Fund Advisors LP grew its stake in shares of Hanover Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company's stock worth $683,000 after acquiring an additional 554 shares in the last quarter. Finally, Corient Private Wealth LP acquired a new stake in shares of Hanover Bancorp in the second quarter valued at approximately $985,000. 15.02% of the stock is currently owned by institutional investors.

About Hanover Bancorp

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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