Hanover Bancorp (NASDAQ:HNVR) Stock Price Up 3.9% - What's Next?

Key Points

• Hanover Bancorp shares rose 3.9% to $21.61 intraday (high $21.84) on Monday on slightly below-average volume, leaving the stock just under its 50- and 200-day moving averages (both ~$22.3).
• Analyst sentiment is mixed: the consensus rating is Hold with a $24.33 average price target, while Weiss downgraded to Hold, Piper Sandler trimmed its price target to $26.50 but kept an Overweight rating, and Zacks issued a Strong Sell.
• Fundamentals: market cap ~$155M, P/E ~21.6, low beta (0.07) and debt/equity 0.13; the company pays a quarterly $0.10 dividend (annualized yield ~1.9%, payout ratio 40%).

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) traded up 3.9% on Monday . The company traded as high as $21.84 and last traded at $21.61. 8,504 shares were traded during mid-day trading, a decline of 4% from the average session volume of 8,825 shares. The stock had previously closed at $20.80.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings lowered Hanover Bancorp from a "buy (b-)" rating to a "hold (c)" rating in a report on Monday, March 16th. Piper Sandler cut their price objective on Hanover Bancorp from $27.00 to $26.50 and set an "overweight" rating on the stock in a research report on Friday, January 30th. Finally, Zacks Research downgraded Hanover Bancorp from a "hold" rating to a "strong sell" rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $24.33.

Hanover Bancorp Stock Up 3.9%

The firm has a market capitalization of $154.94 million, a P/E ratio of 21.61 and a beta of 0.07. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a 50 day moving average of $22.31 and a 200-day moving average of $22.39.

Hanover Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, February 12th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Thursday, February 12th. Hanover Bancorp's dividend payout ratio is presently 40.00%.

Institutional Investors Weigh In On Hanover Bancorp

A number of hedge funds and other 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% during the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company's stock worth $29,000 after acquiring an additional 886 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Hanover Bancorp during the 2nd quarter valued at $30,000. Bank of America Corp DE raised its stake in shares of Hanover Bancorp by 3,744.7% during the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock valued at $33,000 after purchasing an additional 1,423 shares during the period. Strs Ohio purchased a new stake in Hanover Bancorp during the 3rd quarter worth about $36,000. Finally, JPMorgan Chase & Co. purchased a new stake in Hanover Bancorp during the 2nd quarter worth about $51,000. Institutional investors own 15.02% of the company's stock.

About Hanover Bancorp

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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