Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Hanover Bancorp has received a consensus rating of "Hold" from analysts, with one buy recommendation and the average target price set at approximately $23.83.
• The company announced a quarterly dividend of $0.10, translating to an annualized yield of 1.8%, with a payout ratio of 26.14%.
• Shares of Hanover Bancorp recently traded at $22.02, reflecting a 0.7% increase; however, the company missed analysts' earnings expectations with a reported $0.33 EPS compared to the consensus of $0.57.

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) has been assigned a consensus rating of "Hold" from the four analysts that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $23.8333.

Several equities research analysts have recently weighed in on HNVR shares. Piper Sandler dropped their target price 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. Weiss Ratings reissued a "hold (c+)" rating on shares of Hanover Bancorp in a research report on Saturday, September 27th. Hovde Group began coverage on shares of Hanover Bancorp in a research report on Wednesday, August 13th. They issued a "market perform" rating and a $24.00 target price for the company. Zacks Research raised shares of Hanover Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, September 22nd. Finally, Stephens reduced their target price on shares of Hanover Bancorp from $23.50 to $22.50 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th.

Institutional Trading of Hanover Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in HNVR. Jane Street Group LLC acquired a new stake in shares of Hanover Bancorp during the fourth quarter valued at approximately $249,000. Citadel Advisors LLC acquired a new stake in shares of Hanover Bancorp during the fourth quarter valued at approximately $209,000. Millennium Management LLC acquired a new stake in shares of Hanover Bancorp during the fourth quarter valued at approximately $373,000. American Century Companies Inc. acquired a new stake in shares of Hanover Bancorp during the first quarter valued at approximately $214,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Hanover Bancorp by 24.5% during the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock valued at $486,000 after acquiring an additional 4,356 shares during the period. 15.02% of the stock is owned by institutional investors and hedge funds.

Hanover Bancorp Stock Up 0.7%

Shares of NASDAQ:HNVR traded up $0.16 during midday trading on Friday, hitting $22.02. 8,584 shares of the company's stock traded hands, compared to its average volume of 17,814. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $158.87 million, a PE ratio of 14.39 and a beta of 0.07. The firm's fifty day moving average price is $22.13 and its two-hundred day moving average price is $22.10. Hanover Bancorp has a twelve month low of $17.86 and a twelve month high of $27.14.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its 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). Hanover Bancorp had a net margin of 7.73% and a return on equity of 7.40%. The business had revenue of $18.36 million for the quarter, compared to analyst estimates of $19.30 million. On average, equities research analysts anticipate that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

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

About Hanover Bancorp

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.

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