Hanover Bancorp (NASDAQ:HNVR) Upgraded at 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 forecasts.
• The stock opened at $25.64, with a 12-month range of $19.91 to $27.94; President Kevin O’Connor also purchased 10,000 shares, and insiders own 24.38% of the company.

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 report issued to clients and investors on Monday, Wall Street Zen reports.

Other equities analysts have also issued reports about the company. Raymond James Financial began coverage on Hanover Bancorp in a report on Wednesday, August 26th. They issued a "market perform" rating for the company. Zacks Research raised Hanover Bancorp to a "hold" rating in a report on Monday, July 13th. Weiss Ratings upgraded Hanover Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Piper Sandler raised their price target on Hanover Bancorp from $26.50 to $28.50 and gave the company an "overweight" rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.50.

Hanover Bancorp Stock Performance

Shares of HNVR stock opened at $25.64 on Monday. The firm's 50 day moving average is $26.77 and its 200 day moving average is $24.31. The stock has a market capitalization of $181.02 million, a P/E ratio of 20.19 and a beta of 0.11. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $27.94. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.17.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its quarterly earnings data 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 net margin of 6.71% and a return on equity of 6.00%. The business had revenue of $19.57 million during the quarter, compared to analyst estimates of $19.83 million. On average, sell-side analysts anticipate that Hanover Bancorp will post 2.39 earnings per share for the current year.

Insider Activity

In other news, President Kevin O'Connor acquired 10,000 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was purchased at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the acquisition, the president owned 12,300 shares of the company's stock, valued at $330,624. This trade represents a 434.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing 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

Hedge funds have recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in Hanover Bancorp in the second quarter worth approximately $101,000. Algert Global LLC bought a new stake in shares of Hanover Bancorp in the 2nd quarter worth approximately $232,000. Bank of New York Mellon Corp bought a new stake in shares of Hanover Bancorp in the 2nd quarter worth approximately $258,000. Dimensional Fund Advisors LP boosted its stake in shares of Hanover Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company's stock valued at $683,000 after purchasing an additional 554 shares in the last quarter. Finally, Corient Private Wealth LP bought a new position in shares of Hanover Bancorp during the 2nd quarter valued at $985,000. Institutional investors own 15.02% of the company's stock.

About Hanover Bancorp

Hanover Bancorp, Inc was the holding company for Hanover Community Bank, a community-focused financial institution headquartered in Mineola, New York. The bank served individuals, small businesses and commercial customers in the New York metropolitan area, with a presence across Long Island and New York City.

Hanover Community Bank offered a range of banking products, including deposit accounts, residential and commercial real estate lending, multifamily loans, commercial and industrial financing, small-business loans, consumer lending and mortgage services.

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