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

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) had its price target cut by equities research analysts at Piper Sandler from $27.00 to $25.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 13.30% from the stock's previous close.

Separately, Wall Street Zen cut Hanover Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

Hanover Bancorp Stock Down 2.1%

Shares of HNVR traded down $0.48 during trading hours on Thursday, reaching $22.07. The company's stock had a trading volume of 2,447 shares, compared to its average volume of 19,273. The company has a 50 day moving average of $22.34 and a two-hundred day moving average of $22.85. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market cap of $159.51 million, a price-to-earnings ratio of 16.84 and a beta of 0.07. Hanover Bancorp has a 1-year low of $16.56 and a 1-year high of $27.14.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.24). The company had revenue of $18.36 million during the quarter, compared to analyst estimates of $19.30 million. Hanover Bancorp had a net margin of 6.58% and a return on equity of 6.64%. As a group, research analysts predict that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.42, for a total transaction of $117,100.00. Following the transaction, the director owned 205,418 shares in the company, valued at $4,810,889.56. This represents a 2.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 24.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. acquired a new stake in shares of Hanover Bancorp in the fourth quarter worth about $29,000. Geode Capital Management LLC raised its stake in shares of Hanover Bancorp by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock valued at $1,034,000 after acquiring an additional 1,331 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock worth $486,000 after purchasing an additional 4,356 shares during the last quarter. Acadian Asset Management LLC boosted its position in Hanover Bancorp by 298.4% during the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company's stock worth $205,000 after purchasing an additional 7,039 shares during the period. Finally, Citadel Advisors LLC bought a new stake in Hanover Bancorp during the fourth quarter worth approximately $209,000. 15.02% of the stock is currently owned by institutional investors.

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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