Piper Sandler Issues Pessimistic Forecast for Hanover Bancorp (NASDAQ:HNVR) Stock Price

Hanover Bancorp (NASDAQ:HNVR - Free Report) had its price target lowered by Piper Sandler from $27.00 to $25.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, Wall Street Zen lowered shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd.

Hanover Bancorp Stock Up 0.1%

Shares of HNVR traded up $0.02 on Thursday, reaching $21.80. The company's stock had a trading volume of 9,950 shares, compared to its average volume of 19,203. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. Hanover Bancorp has a twelve month low of $16.57 and a twelve month high of $27.14. The stock has a market capitalization of $157.61 million, a PE ratio of 14.25 and a beta of 0.07. The firm has a fifty day moving average of $22.29 and a 200-day moving average of $22.85.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.57 by ($0.24). The business had revenue of $18.36 million during the quarter, compared to analyst estimates of $19.30 million. Hanover Bancorp had a return on equity of 7.44% and a net margin of 7.73%. Equities analysts predict that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 13th. Shareholders of record on Wednesday, August 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, August 6th. Hanover Bancorp's payout ratio is 26.14%.

Insider Activity

In related news, Director Robert Golden sold 5,000 shares of Hanover Bancorp stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.42, for a total value of $117,100.00. Following the transaction, the director owned 205,418 shares in the company, valued at $4,810,889.56. This trade represents a 2.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.88% of the company's stock.

Hedge Funds Weigh In On Hanover Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhino Investment Partners Inc bought a new position in Hanover Bancorp during the fourth quarter valued at approximately $4,628,000. Geode Capital Management LLC lifted its position in Hanover Bancorp by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock valued at $1,034,000 after purchasing an additional 1,331 shares during the period. Goldman Sachs Group Inc. lifted its position in Hanover Bancorp by 24.5% during the first 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 period. Jane Street Group LLC lifted its position in Hanover Bancorp by 97.5% during the first quarter. Jane Street Group LLC now owns 21,292 shares of the company's stock valued at $467,000 after purchasing an additional 10,511 shares during the period. Finally, Northern Trust Corp bought a new position in Hanover Bancorp during the fourth quarter valued at approximately $418,000. Hedge funds and other 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.