Hanover Bancorp, Inc. (NASDAQ:HNVR) Given Average Rating of "Hold" by Brokerages

Key Points

• Hanover Bancorp has an average analyst rating of “Hold”, with four of five covering firms recommending hold and one recommending buy. The average 12-month price target is $24.33.
• The company recently beat quarterly EPS estimates, reporting $0.58 per share versus expectations of $0.56, though revenue of $19.57 million came in slightly below forecasts.
• Hanover Bancorp also announced a quarterly dividend of $0.10 per share, payable on August 13, which works out to an annualized yield of 1.6%.

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) has been given an average rating of "Hold" by the five research firms that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $24.3333.

Several research analysts have recently commented on the company. Wall Street Zen raised Hanover Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday. Piper Sandler assumed coverage on Hanover Bancorp in a research note on Friday, July 10th. They set an "overweight" rating and a $26.50 price objective for the company. Zacks Research raised shares of Hanover Bancorp to a "hold" rating in a report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 1st.

Insider Activity at Hanover Bancorp

In other news, Director Robert Golden sold 1,295 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the sale, the director directly owned 31,702 shares in the company, valued at $745,948.06. This trade represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 4,566 shares of company stock worth $105,240. 24.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its position 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 valued at $29,000 after acquiring an additional 886 shares in the last quarter. Bank of America Corp DE grew its position in shares of Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock worth $33,000 after purchasing an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Hanover Bancorp during the second quarter worth about $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Hanover Bancorp during the 2nd quarter valued at approximately $59,000. Finally, Russell Investments Group Ltd. purchased a new position in Hanover Bancorp in the 3rd quarter worth approximately $71,000. Hedge funds and other institutional investors own 15.02% of the company's stock.

Hanover Bancorp Price Performance

Shares of Hanover Bancorp stock opened at $25.01 on Friday. The stock has a market cap of $179.07 million, a P/E ratio of 19.69 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. The stock's fifty day moving average is $23.62 and its 200 day moving average is $22.80. Hanover Bancorp has a one year low of $19.91 and a one year high of $25.75.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $19.57 million during the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. Sell-side analysts anticipate that Hanover Bancorp will post 2.41 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. Hanover Bancorp's dividend payout ratio is 38.10%.

Hanover Bancorp Company 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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