Hanover Bancorp (NASDAQ:HNVR) Upgraded at Zacks Research

Key Points

• Hanover Bancorp was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, indicating a shift in analyst sentiment toward the stock.
• Multiple analysts have reduced their target prices for Hanover Bancorp, with a consensus target of $23.83 and a "hold" rating from analysts overall.
• The company's most recent earnings report showed a miss on EPS estimates, with actual earnings of $0.33 per share compared to a consensus of $0.57.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Piper Sandler decreased their target price on Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Hovde Group assumed coverage on Hanover Bancorp in a report on Wednesday, August 13th. They set a "market perform" rating and a $24.00 target price for the company. Finally, Stephens decreased their target price on Hanover Bancorp from $23.50 to $22.50 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Hanover Bancorp currently has a consensus rating of "Hold" and a consensus price target of $23.83.

Hanover Bancorp Stock Down 0.4%

Shares of NASDAQ:HNVR opened at $23.26 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.03. Hanover Bancorp has a 1 year low of $17.86 and a 1 year high of $27.14. The stock has a market capitalization of $167.82 million, a P/E ratio of 15.20 and a beta of 0.07. The stock has a 50-day simple moving average of $22.08 and a 200-day simple moving average of $22.06.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its earnings results 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). Hanover Bancorp had a return on equity of 7.40% and a net margin of 7.73%.The firm had revenue of $18.36 million for the quarter, compared to analysts' expectations of $19.30 million. Equities analysts forecast that Hanover Bancorp will post 2.38 earnings per share for the current year.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC acquired a new stake in shares of Hanover Bancorp during the 4th quarter valued at approximately $209,000. Millennium Management LLC acquired a new stake in shares of Hanover Bancorp during the 4th quarter valued at approximately $373,000. Northern Trust Corp acquired a new stake in shares of Hanover Bancorp during the 4th quarter valued at approximately $418,000. Jane Street Group LLC acquired a new stake in Hanover Bancorp in the fourth quarter worth $249,000. Finally, American Century Companies Inc. acquired a new stake in Hanover Bancorp in the first quarter worth $214,000. 15.02% of the stock is owned by institutional investors and hedge funds.

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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