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

Key Points

• Hanover Bancorp has a consensus analyst rating of "Hold" from five firms (1 sell, 3 hold, 1 buy) with an average 1-year price target of $24.33.
• Recent analyst actions include Zacks downgrading HNVR to a strong sell and Weiss cutting to hold, while Piper Sandler trimmed its target to $26.50 but kept an overweight rating.
• Shares trade around $22.58 (52-week range $19.91–$24.36) with a market cap of $161.9M, and the company pays a quarterly dividend of $0.10 (annualized yield ~1.8%).

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) has received a consensus rating of "Hold" from the five research firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $24.3333.

Several analysts recently commented on HNVR shares. Piper Sandler cut their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an "overweight" rating on the stock in a research report on Friday, January 30th. Zacks Research downgraded shares of Hanover Bancorp from a "hold" rating to a "strong sell" rating in a research note on Friday, January 30th. Finally, Weiss Ratings downgraded shares of Hanover Bancorp from a "buy (b-)" rating to a "hold (c)" rating in a research note on Monday, March 16th.

Hanover Bancorp Price Performance

Shares of HNVR opened at $22.58 on Tuesday. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $24.36. The firm's 50-day simple moving average is $21.68 and its two-hundred day simple moving average is $22.28. The stock has a market cap of $161.90 million, a PE ratio of 22.58 and a beta of 0.04. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04.

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Thursday, February 12th. Hanover Bancorp's dividend payout ratio is currently 40.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HNVR. BNP Paribas Financial Markets lifted 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 in the last quarter. Bank of America Corp DE lifted its stake in shares of Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock worth $33,000 after buying an additional 1,423 shares in the last quarter. Strs Ohio bought a new position in shares of Hanover Bancorp in the third quarter worth approximately $36,000. JPMorgan Chase & Co. bought a new position in shares of Hanover Bancorp in the second quarter worth approximately $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Hanover Bancorp in the second quarter worth approximately $59,000. Institutional investors own 15.02% of the company's stock.

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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