Piper Sandler Reiterates "Overweight" Rating for Hanover Bancorp (NASDAQ:HNVR)

Key Points

• Piper Sandler reiterated its “Overweight” rating on Hanover Bancorp and maintained a $26.50 price target, implying about 16% upside from the prior close.
• Other analysts remain mixed: Weiss Ratings upgraded the stock slightly, while MarketBeat shows a broader Hold consensus with an average target price of $24.33.
• Hanover Bancorp recently beat quarterly EPS estimates by a penny, but revenue came in a bit below forecasts; the stock was also up 0.9% on the day and is trading near its recent range.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report)'s stock had its "overweight" rating reissued by Piper Sandler in a report released on Friday,Benzinga reports. They presently have a $26.50 target price on the stock. Piper Sandler's price objective would suggest a potential upside of 16.13% from the company's previous close.

Separately, Weiss Ratings upgraded Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Hanover Bancorp has a consensus rating of "Hold" and an average target price of $24.33.

Hanover Bancorp Trading Up 0.9%

NASDAQ:HNVR opened at $22.82 on Friday. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $24.57. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30. The firm's 50 day moving average is $23.26 and its 200 day moving average is $22.69. The stock has a market capitalization of $163.39 million, a PE ratio of 21.73 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 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Hanover Bancorp had a return on equity of 5.09% and a net margin of 5.53%.The business had revenue of $19.11 million during the quarter, compared to analyst estimates of $19.50 million.

Insider Activity at Hanover Bancorp

In other news, Director Robert Golden sold 2,259 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total value of $51,482.61. Following the transaction, the director owned 34,009 shares of the company's stock, valued at approximately $775,065.11. This represents a 6.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 4,566 shares of company stock worth $105,240. 24.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Hanover Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fourthstone LLC increased its stake in Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company's stock worth $11,941,000 after acquiring an additional 95,194 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Hanover Bancorp by 117.7% during the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company's stock worth $2,294,000 after purchasing an additional 57,166 shares in the last quarter. Corient Private Wealth LLC purchased a new position in shares of Hanover Bancorp during the second quarter worth about $572,000. GM Advisory Group LLC bought a new position in shares of Hanover Bancorp in the fourth quarter worth approximately $430,000. Finally, Citadel Advisors LLC bought a new position in shares of Hanover Bancorp in the third quarter worth approximately $290,000. 15.02% of the stock is currently owned by hedge funds and other institutional investors.

Hanover Bancorp Company Profile

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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