Hanover Bancorp (NASDAQ:HNVR) Shares Up 0.4% - What's Next?

Key Points

• Hanover Bancorp's share price increased by 0.4% to $21.25, with a trading volume of 14,243 shares, significantly above its average.
• Wall Street analysts have recently downgraded Hanover Bancorp from a "buy" to "hold," with price targets adjusted between $22.50 and $25.00.
• The company declared a quarterly dividend of $0.10, representing a 1.9% yield and a 26.14% dividend payout ratio.

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) shares shot up 0.4% on Wednesday . The company traded as high as $21.66 and last traded at $21.25. 14,243 shares changed hands during trading, an increase of 41% from the average session volume of 10,136 shares. The stock had previously closed at $21.17.

Analyst Ratings Changes

Several research analysts recently commented on HNVR shares. Wall Street Zen downgraded shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. 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 note on Thursday, July 24th. Finally, Stephens cut their price target on 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.

Hanover Bancorp Stock Performance

The stock's 50 day moving average price is $21.91 and its 200 day moving average price is $22.68. 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 company has a market capitalization of $154.47 million, a P/E ratio of 13.96 and a beta of 0.06.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.57 by ($0.24). The firm had revenue of $18.36 million for the quarter, compared to analysts' expectations of $19.30 million. Hanover Bancorp had a return on equity of 7.44% and a net margin of 7.73%. As a group, equities analysts expect that Hanover Bancorp, Inc. will post 2.38 EPS for the current year.

Hanover Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 13th. Investors of record on Wednesday, August 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, August 6th. Hanover Bancorp's payout ratio is currently 26.14%.

Institutional Trading of Hanover Bancorp

A number of institutional investors have recently added to or reduced their stakes in HNVR. Russell Investments Group Ltd. purchased a new position in shares of Hanover Bancorp during the 4th quarter valued at about $29,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Hanover Bancorp during the second quarter valued at approximately $30,000. Acadian Asset Management LLC boosted its stake in shares of Hanover Bancorp by 298.4% during the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company's stock valued at $205,000 after purchasing an additional 7,039 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Hanover Bancorp during the fourth quarter valued at approximately $209,000. Finally, American Century Companies Inc. purchased a new stake in shares of Hanover Bancorp during the first quarter valued at approximately $214,000. 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.