Rhino Investment Partners Inc Reduces Stock Position in Hanover Bancorp, Inc. $HNVR

Key Points

• Rhino Investment Partners Inc has reduced its stake in Hanover Bancorp by 21.2%, now owning approximately $3.47 million worth of shares.
• Hanover Bancorp reported quarterly earnings of $0.33 per share, falling short of the analysts' expectations of $0.57.
• The company recently declared a quarterly dividend of $0.10 per share, resulting in an annualized dividend yield of 1.9%.

Rhino Investment Partners Inc reduced its position in Hanover Bancorp, Inc. (NASDAQ:HNVR - Free Report) by 21.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 158,243 shares of the company's stock after selling 42,478 shares during the quarter. Rhino Investment Partners Inc owned about 2.20% of Hanover Bancorp worth $3,470,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Hanover Bancorp by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock valued at $1,034,000 after acquiring an additional 1,331 shares during the period. Northern Trust Corp bought a new position in shares of Hanover Bancorp in the fourth quarter valued at approximately $418,000. Millennium Management LLC bought a new position in shares of Hanover Bancorp in the fourth quarter valued at approximately $373,000. 683 Capital Management LLC bought a new position in shares of Hanover Bancorp in the fourth quarter valued at approximately $335,000. Finally, Jane Street Group LLC bought a new position in shares of Hanover Bancorp in the fourth quarter valued at approximately $249,000. 15.02% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Piper Sandler cut their price objective on shares of Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Wall Street Zen downgraded shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Hovde Group assumed coverage on shares of Hanover Bancorp in a research note on Wednesday, August 13th. They issued a "market perform" rating and a $24.00 target price on the stock. Finally, Stephens decreased their price target on shares of Hanover Bancorp from $23.50 to $22.50 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $23.83.

Hanover Bancorp Price Performance

NASDAQ HNVR traded down $0.01 on Monday, reaching $22.24. 8,619 shares of the company's stock traded hands, compared to its average volume of 18,252. Hanover Bancorp, Inc. has a 12 month low of $16.71 and a 12 month high of $27.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a 50-day simple moving average of $21.88 and a 200 day simple moving average of $22.34. The stock has a market cap of $160.57 million, a PE ratio of 14.54 and a beta of 0.06.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.24). The business had revenue of $18.36 million during the quarter, compared to the consensus estimate of $19.30 million. Hanover Bancorp had a return on equity of 7.40% and a net margin of 7.73%. As a group, research analysts predict that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 13th. Shareholders of record on Wednesday, August 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, August 6th. This represents a $0.40 annualized dividend and a yield of 1.8%. Hanover Bancorp's payout ratio is currently 26.14%.

Hanover Bancorp Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.