Wall Street Zen Downgrades Hanover Bancorp (NASDAQ:HNVR) to Hold

Key Points

• Wall Street Zen downgraded Hanover Bancorp from “Buy” to “Hold.” Despite the downgrade, the broader analyst consensus remains “Moderate Buy,” with an average price target of $28.50.
• Hanover Bancorp reported quarterly earnings of $0.58 per share, exceeding the $0.56 consensus estimate, while revenue of $19.57 million fell slightly short of expectations.
• The stock opened at $26.51 and has traded between $19.91 and $27.94 over the past year. Company insiders own 24.38% of shares, and institutional investors recently increased exposure, including new positions from BlackRock and Susquehanna International Group.

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

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

Hanover Bancorp Stock Up 1.7%

HNVR stock opened at $26.51 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.03 and a quick ratio of 1.03. The business's fifty day moving average price is $26.70 and its two-hundred day moving average price is $24.13. The stock has a market capitalization of $187.16 million, a price-to-earnings ratio of 20.87 and a beta of 0.10. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $27.94.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $19.57 million for the quarter, compared to analysts' expectations of $19.83 million. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.00%. On average, equities analysts anticipate that Hanover Bancorp will post 2.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Kevin O'Connor bought 10,000 shares of the company's stock in a transaction on Thursday, July 30th. The shares were purchased at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the purchase, the president directly owned 12,300 shares in the company, valued at $330,624. The trade was a 434.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 24.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hanover Bancorp

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Hanover Bancorp in the second quarter valued at approximately $6,620,000. Susquehanna International Group LLP bought a new stake in shares of Hanover Bancorp in the second quarter valued at $3,026,000. Corient Private Wealth LP bought a new stake in shares of Hanover Bancorp in the second quarter valued at $985,000. Dimensional Fund Advisors LP lifted its position 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 valued at $683,000 after buying an additional 554 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Hanover Bancorp during the 2nd quarter valued at $258,000. Institutional investors own 15.02% of the company's stock.

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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