Hanover Bancorp (NASDAQ:HNVR) Upgraded at Wall Street Zen

Key Points

• Hanover Bancorp was upgraded by Wall Street Zen from “hold” to “buy”, adding to recent analyst attention on the stock.
• The latest earnings report showed EPS of $0.58, topping the $0.56 consensus estimate, though revenue of $19.57 million came in slightly below expectations.
• Analyst sentiment remains cautious overall: only one analyst rates HNVR a Buy while four have Hold ratings, with a consensus price target of $24.33.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

HNVR has been the subject of a number of other reports. Piper Sandler began coverage on shares of Hanover Bancorp in a report on Friday, July 10th. They issued an "overweight" rating and a $26.50 target price for the company. Weiss Ratings upgraded shares of Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 1st. Finally, Zacks Research raised Hanover Bancorp to a "hold" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Hanover Bancorp presently has an average rating of "Hold" and a consensus price target of $24.33.

Hanover Bancorp Trading Up 0.9%

HNVR opened at $25.01 on Friday. The company has a quick ratio of 1.05, a current 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 $25.75. The business's 50 day moving average is $23.62 and its two-hundred day moving average is $22.80. The firm has a market cap of $179.07 million, a price-to-earnings ratio of 19.69 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $19.57 million during 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%. On average, research analysts predict that Hanover Bancorp will post 2.41 EPS for the current year.

Insider Buying and Selling at Hanover Bancorp

In other news, Director Robert Golden sold 2,259 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total value of $51,482.61. Following the completion of the transaction, the director owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 4,566 shares of company stock worth $105,240. Corporate insiders own 24.38% of the company's stock.

Institutional Trading of Hanover Bancorp

A number of institutional investors have recently added to or reduced their stakes in HNVR. Fourthstone LLC increased its holdings in Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company's stock valued at $11,941,000 after buying an additional 95,194 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Hanover Bancorp by 117.7% during the 2nd 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. Dimensional Fund Advisors LP boosted its stake in shares of Hanover Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company's stock worth $683,000 after acquiring an additional 554 shares in the last quarter. Corient Private Wealth LLC acquired a new stake in shares of Hanover Bancorp in the 2nd quarter worth approximately $572,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock worth $486,000 after acquiring an additional 4,356 shares during the period. Hedge funds and other 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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