BlackRock Inc. Acquires New Shares in Hanover Bancorp, Inc. $HNVR

Key Points

• BlackRock acquired 283,884 Hanover Bancorp shares worth approximately $6.62 million, giving it a 3.97% stake. Institutional investors collectively own 15.02% of HNVR, while insiders own 24.38%.
• Hanover Bancorp reported quarterly EPS of $0.58, exceeding the $0.56 consensus estimate, though revenue of $19.57 million fell slightly short of expectations. The company pays a $0.10 quarterly dividend, yielding about 1.5% annually.
• Analyst sentiment is mixed but leans positive, with an average rating of “Moderate Buy” and a $28.50 price target. HNVR recently traded at $27.35, near its 52-week high of $27.89.

BlackRock Inc. acquired a new position in shares of Hanover Bancorp, Inc. (NASDAQ:HNVR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 283,884 shares of the company's stock, valued at approximately $6,620,000. BlackRock Inc. owned 3.97% of Hanover Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Deutsche Bank AG bought a new stake in shares of Hanover Bancorp in the second quarter worth about $101,000. Bank of New York Mellon Corp acquired a new stake in shares of Hanover Bancorp during the second quarter worth about $258,000. Dimensional Fund Advisors LP lifted its holdings 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 purchasing an additional 554 shares in the last quarter. Barclays PLC lifted its holdings in shares of Hanover Bancorp by 19.9% during the 4th quarter. Barclays PLC now owns 10,669 shares of the company's stock valued at $247,000 after purchasing an additional 1,769 shares in the last quarter. Finally, Fourthstone LLC grew its position in shares of Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company's stock valued at $11,941,000 after purchasing an additional 95,194 shares during the period. 15.02% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, President Kevin O'Connor bought 10,000 shares of the 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 owned 12,300 shares in the company, valued at approximately $330,624. This represents a 434.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 24.38% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Raymond James Financial started coverage on shares of Hanover Bancorp in a report on Wednesday, August 26th. They set a "market perform" rating on the stock. Weiss Ratings raised shares of Hanover Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Zacks Research raised shares of Hanover Bancorp to a "hold" rating in a research note on Monday, July 13th. Finally, Piper Sandler increased their target price on Hanover Bancorp from $26.50 to $28.50 and gave the stock an "overweight" rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.50.

Hanover Bancorp Price Performance

NASDAQ:HNVR opened at $27.35 on Friday. Hanover Bancorp, Inc. has a 52-week low of $19.91 and a 52-week high of $27.89. The company has a market cap of $193.09 million, a P/E ratio of 21.54 and a beta of 0.10. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03. The stock's 50-day simple moving average is $25.79 and its 200 day simple moving average is $23.58.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%.The firm had revenue of $19.57 million during the quarter, compared to analysts' expectations of $19.83 million. As a group, sell-side analysts forecast that Hanover Bancorp, Inc. will post 2.4 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Thursday, August 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. Hanover Bancorp's dividend payout ratio (DPR) is currently 31.50%.

Hanover Bancorp Profile

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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