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 assumed coverage on shares of Hanover Bancorp (NASDAQ:HNVR - Get Free Report) in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The firm set a "market perform" rating and a $24.00 price target on the stock. Hovde Group's price objective indicates a potential upside of 8.11% from the company's current price.

Several other equities analysts have also commented on the stock. Stephens reduced their target price on shares of Hanover Bancorp from $23.50 to $22.50 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Piper Sandler reduced their target price on shares of Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Finally, Wall Street Zen lowered shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd.

Hanover Bancorp Price Performance

Shares of NASDAQ:HNVR opened at $22.20 on Wednesday. The company's fifty day moving average price is $21.90 and its 200-day moving average price is $22.64. The firm has a market capitalization of $160.28 million, a price-to-earnings ratio of 14.51 and a beta of 0.06. Hanover Bancorp has a one year low of $16.71 and a one year high of $27.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.33 EPS for the quarter, missing analysts' consensus estimates of $0.57 by ($0.24). The company had revenue of $18.36 million during the quarter, compared to the consensus estimate of $19.30 million. Hanover Bancorp had a return on equity of 7.40% and a net margin of 7.73%. On average, equities research analysts anticipate that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hanover Bancorp

A number of large investors have recently added to or reduced their stakes in HNVR. Geode Capital Management LLC grew its holdings in Hanover Bancorp by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock worth $1,034,000 after acquiring an additional 1,331 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Hanover Bancorp in the 4th quarter worth $29,000. Northern Trust Corp bought a new stake in Hanover Bancorp in the 4th quarter worth $418,000. Jane Street Group LLC bought a new stake in Hanover Bancorp in the 4th quarter worth $249,000. Finally, Rhino Investment Partners Inc purchased a new stake in shares of Hanover Bancorp in the 4th quarter worth about $4,628,000. Institutional investors own 15.02% of the company's stock.

About Hanover Bancorp

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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