Rhino Investment Partners Inc Sells 42,478 Shares of 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 lessened its position in Hanover Bancorp, Inc. (NASDAQ:HNVR - Free Report) by 21.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 158,243 shares of the company's stock after selling 42,478 shares during the quarter. Rhino Investment Partners Inc owned approximately 2.20% of Hanover Bancorp worth $3,470,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of HNVR. American Century Companies Inc. acquired a new position in shares of Hanover Bancorp during the 1st quarter worth approximately $214,000. Millennium Management LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter worth approximately $373,000. Citadel Advisors LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter worth approximately $209,000. 683 Capital Management LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter worth approximately $335,000. Finally, Jane Street Group LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter worth approximately $249,000. Institutional investors and hedge funds own 15.02% of the company's stock.

Analysts Set New Price Targets

HNVR has been the topic of several recent analyst reports. Piper Sandler lowered their price target on Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Hovde Group initiated coverage on Hanover Bancorp in a research report on Wednesday, August 13th. They set a "market perform" rating and a $24.00 price target on the stock. Wall Street Zen lowered Hanover Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Stephens decreased their target price on 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 given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $23.83.

Hanover Bancorp Stock Performance

Shares of HNVR stock traded up $0.15 during trading on Tuesday, reaching $22.39. 10,422 shares of the company's stock were exchanged, compared to its average volume of 18,199. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $161.66 million, a PE ratio of 14.63 and a beta of 0.06. Hanover Bancorp, Inc. has a twelve month low of $16.71 and a twelve month high of $27.14. The firm's fifty day moving average price is $21.90 and its 200-day moving average price is $22.32.

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

Hanover Bancorp Announces Dividend

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

Hanover Bancorp Company 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.