Hovde Group Begins Coverage on Hanover Bancorp (NASDAQ:HNVR)

Key Points

• Hovde Group has started coverage on Hanover Bancorp (NASDAQ:HNVR) with a "market perform" rating and a price target of $24.00, suggesting an upside potential of 8.11% from its current price.
• Prior to Hovde's report, other analysts have adjusted their ratings, with Stephens lowering its target from $23.50 to $22.50 and Piper Sandler reducing it from $27.00 to $25.00.
• Hanover Bancorp reported a miss in quarterly earnings, with EPS of $0.33, which was below the consensus estimate of $0.57, and revenue of $18.36 million, underperforming the expected $19.30 million.

Equities research analysts at Hovde Group started coverage on shares of Hanover Bancorp (NASDAQ:HNVR - Get Free Report) in a note issued to investors on Wednesday, MarketBeat.com reports. The firm set a "market perform" rating and a $24.00 price target on the stock. Hovde Group's price objective would suggest a potential upside of 12.99% from the company's current price.

A number of other brokerages also recently issued reports on HNVR. Stephens decreased their price target 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. Piper Sandler decreased their price target on Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Finally, Wall Street Zen downgraded Hanover Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd.

Hanover Bancorp Stock Performance

NASDAQ HNVR traded down $0.27 during trading hours on Wednesday, reaching $21.24. The stock had a trading volume of 2,467 shares, compared to its average volume of 18,574. The stock has a fifty day moving average of $21.90 and a 200 day moving average of $22.52. The stock has a market cap of $153.25 million, a P/E ratio of 13.88 and a beta of 0.06. Hanover Bancorp has a 52-week low of $16.71 and a 52-week high of $27.14. 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 (NASDAQ:HNVR - Get Free Report) last announced its quarterly 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 net margin of 7.73% and a return on equity of 7.40%. The company had revenue of $18.36 million during the quarter, compared to analyst estimates of $19.30 million. Sell-side analysts predict that Hanover Bancorp will post 2.38 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Fourthstone LLC acquired a new position in Hanover Bancorp in the 2nd quarter valued at $6,690,000. Rhino Investment Partners Inc acquired a new position in Hanover Bancorp in the 4th quarter valued at $4,628,000. Geode Capital Management LLC raised its stake in Hanover Bancorp by 117.7% in the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company's stock valued at $2,294,000 after purchasing an additional 57,166 shares during the last quarter. Corient Private Wealth LLC acquired a new position in Hanover Bancorp in the 2nd quarter valued at $572,000. Finally, Goldman Sachs Group Inc. raised its stake in Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock valued at $486,000 after purchasing an additional 4,356 shares during the last quarter. 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.