Hanover Bancorp (NASDAQ:HNVR) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Hanover Bancorp to a “hold” rating, and the overall analyst consensus remains “Hold” with an average price target of $24.33.
• Recent earnings were slightly ahead of expectations, with Hanover Bancorp reporting $0.54 EPS versus consensus of $0.53, though revenue came in a bit below estimates at $19.11 million.
• The stock has been trading near its 52-week high, opening at $24.43 versus a 1-year range of $19.91 to $24.79, while the company shows relatively low leverage with a debt-to-equity ratio of 0.30.

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

A number of other research analysts have also issued reports on the stock. Piper Sandler initiated coverage on shares of Hanover Bancorp in a research note on Friday, July 10th. They set an "overweight" rating and a $26.50 price target on the stock. Weiss Ratings upgraded Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Hanover Bancorp presently has a consensus rating of "Hold" and an average price target of $24.33.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR opened at $24.43 on Monday. The stock has a fifty day moving average price of $23.31 and a 200 day moving average price of $22.70. Hanover Bancorp has a 1-year low of $19.91 and a 1-year high of $24.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $174.92 million, a PE ratio of 23.27 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. The company had revenue of $19.11 million during the quarter, compared to the consensus estimate of $19.50 million. Sell-side analysts forecast that Hanover Bancorp will post 2.41 EPS for the current year.

Insider Activity

In related news, Director Robert Golden sold 1,295 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total value of $30,471.35. Following the sale, the director owned 31,702 shares in the company, valued at $745,948.06. This represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 4,566 shares of company stock worth $105,240. 24.38% of the stock is currently owned by company insiders.

Institutional Trading of Hanover Bancorp

A number of institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its stake in shares of Hanover Bancorp by 59.9% during the 4th quarter. Wells Fargo & Company MN now owns 5,531 shares of the company's stock worth $128,000 after buying an additional 2,072 shares during the last quarter. Bank of America Corp DE raised its position in Hanover Bancorp by 68.6% during the third quarter. Bank of America Corp DE now owns 2,463 shares of the company's stock worth $55,000 after acquiring an additional 1,002 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Hanover Bancorp in the third quarter valued at about $71,000. JPMorgan Chase & Co. grew its position in shares of Hanover Bancorp by 23.5% in the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company's stock valued at $62,000 after purchasing an additional 529 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Hanover Bancorp during the 2nd quarter worth approximately $59,000. 15.02% of the stock is currently owned by hedge funds and other institutional investors.

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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