Hanover Bancorp (NASDAQ:HNVR) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Hanover Bancorp from “Buy” to “Hold.” The stock has an overall consensus “Hold” rating, with one Buy and three Hold ratings and a consensus price target of $26.25.
• Hanover Bancorp reported quarterly EPS of $0.58, exceeding estimates of $0.56, while revenue of $19.57 million fell short of the $19.83 million consensus.
• Shares opened at $26.25, near the consensus price target, and have traded between $19.91 and $27.01 over the past year. Insiders have sold shares recently, while institutional investors own 15.02% of the company.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday.

HNVR has been the topic of a number of other research reports. Weiss Ratings raised Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 1st. Zacks Research upgraded Hanover Bancorp to a "hold" rating in a report on Monday, July 13th. Finally, Piper Sandler upped their target price on Hanover Bancorp from $26.50 to $28.50 and gave the stock an "overweight" rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $26.25.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR opened at $26.25 on Friday. The company's 50-day moving average price is $23.95 and its 200 day moving average price is $22.92. The stock has a market cap of $187.95 million, a price-to-earnings ratio of 20.67 and a beta of 0.11. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30. Hanover Bancorp has a 52 week low of $19.91 and a 52 week high of $27.01.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The firm had revenue of $19.57 million for the quarter, compared to the consensus estimate of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. As a group, research analysts forecast that Hanover Bancorp will post 2.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hanover Bancorp 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 value 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 4,566 shares of company stock valued at $105,240. 24.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its position in Hanover Bancorp by 219.9% during 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 raised its holdings in Hanover Bancorp by 3,744.7% in the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock valued at $33,000 after acquiring an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in Hanover Bancorp in the 2nd quarter valued at approximately $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Hanover Bancorp in the 2nd quarter valued at approximately $59,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp in the 3rd quarter worth approximately $71,000. Institutional investors and hedge funds 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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