Hanover Bancorp (NASDAQ:HNVR) Given Hold (C+) Rating at Weiss Ratings

Key Points

• Hanover Bancorp's stock has been given a "hold (C+)" rating by Weiss Ratings, following a series of modifications from different analysts regarding its target price.
• The company reported earnings of $0.33 per share for the recent quarter, missing analysts' expectations and generating revenue of $18.36 million, below the forecast of $19.30 million.
• Institutional investors have shown increased interest, with Fourthstone LLC purchasing a new stake valued at approximately $6.69 million during the second quarter.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report)'s stock had its "hold (c+)" rating restated by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other research analysts have also weighed in on the stock. Stephens decreased their target price on shares of Hanover Bancorp from $23.50 to $22.50 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Hovde Group initiated coverage on shares of 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. 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, Piper Sandler reduced their price target on shares of Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $23.83.

Hanover Bancorp Trading Down 0.1%

HNVR opened at $22.20 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. The company's 50 day simple moving average is $22.18 and its two-hundred day simple moving average is $22.09. Hanover Bancorp has a 1-year low of $17.86 and a 1-year high of $27.14. The firm has a market capitalization of $160.28 million, a price-to-earnings ratio of 14.51 and a beta of 0.07.

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

Institutional Trading of Hanover Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HNVR. Fourthstone LLC purchased a new stake in Hanover Bancorp in the second quarter valued at approximately $6,690,000. Geode Capital Management LLC grew its stake in shares of Hanover Bancorp by 117.7% in the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company's stock worth $2,294,000 after acquiring an additional 57,166 shares in the last quarter. Corient Private Wealth LLC acquired a new position in shares of Hanover Bancorp in the second quarter worth $572,000. Los Angeles Capital Management LLC acquired a new position in shares of Hanover Bancorp in the second quarter worth $382,000. Finally, Jane Street Group LLC grew its stake in shares of Hanover Bancorp by 97.5% in the first quarter. Jane Street Group LLC now owns 21,292 shares of the company's stock worth $467,000 after acquiring an additional 10,511 shares in the last quarter. Hedge funds and other institutional investors own 15.02% of the company's stock.

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.

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