Corient Private Wealth LP Makes New $985,000 Investment in Hanover Bancorp, Inc. $HNVR

Key Points

• Corient Private Wealth LP acquired 42,239 Hanover Bancorp shares in the second quarter, worth approximately $985,000 and representing about 0.60% of the company. Institutional investors collectively own 15.02% of HNVR.
• Hanover Bancorp reported quarterly EPS of $0.58, beating estimates of $0.56, while revenue reached $19.57 million. The company also pays a quarterly dividend of $0.10 per share, equivalent to a 1.5% annual yield.
• HNVR shares opened at $27.35, near their 52-week high of $27.89. Analysts maintain a “Moderate Buy” consensus with a $28.50 price target, while company insiders own 24.38% of the stock.

Corient Private Wealth LP acquired a new stake in Hanover Bancorp, Inc. (NASDAQ:HNVR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 42,239 shares of the company's stock, valued at approximately $985,000. Corient Private Wealth LP owned about 0.60% of Hanover Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in HNVR. BNP Paribas Financial Markets increased its stake in shares of Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company's stock worth $29,000 after buying an additional 886 shares during the period. Bank of America Corp DE raised its holdings in Hanover Bancorp by 3,744.7% during the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock valued at $33,000 after buying an additional 1,423 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in Hanover Bancorp during the 2nd quarter valued at $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Hanover Bancorp during the 2nd quarter valued at $59,000. Finally, Russell Investments Group Ltd. bought a new stake in Hanover Bancorp in the 3rd quarter worth $71,000. Hedge funds and other institutional investors own 15.02% of the company's stock.

Hanover Bancorp Stock Performance

Shares of HNVR stock opened at $27.35 on Friday. The firm has a market capitalization of $193.09 million, a price-to-earnings ratio of 21.54 and a beta of 0.10. The stock has a fifty day moving average of $25.79 and a 200 day moving average of $23.58. Hanover Bancorp, Inc. has a 52 week low of $19.91 and a 52 week high of $27.89. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17.

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

Hanover Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. Hanover Bancorp's payout ratio is presently 31.50%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HNVR. Wall Street Zen cut shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Weiss Ratings upgraded shares of Hanover Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Zacks Research raised Hanover Bancorp to a "hold" rating in a research note on Monday, July 13th. Raymond James Financial assumed coverage on Hanover Bancorp in a report on Wednesday, August 26th. They set a "market perform" rating on the stock. Finally, Piper Sandler upped their price target on Hanover Bancorp from $26.50 to $28.50 and gave the company an "overweight" rating in a research 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. According to data from MarketBeat, Hanover Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

Insider Activity

In related news, President Kevin O'Connor purchased 10,000 shares of Hanover Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were bought at an average price of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the transaction, the president directly owned 12,300 shares of the company's stock, valued at $330,624. This represents a 434.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.38% of the stock is owned by corporate insiders.

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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