Hanover Bancorp (NASDAQ:HNVR) Stock Price Up 0.8% - Time to Buy?

Key Points

• Hanover Bancorp shares rose 0.8% to $27.27, with trading volume 24% below the average session volume. The stock’s consensus analyst rating is “Moderate Buy,” with an average price target of $28.50.
• The bank exceeded quarterly EPS expectations, reporting $0.58 per share versus the $0.56 consensus estimate, although revenue of $19.57 million fell slightly short of forecasts.
• Hanover Bancorp pays a quarterly dividend of $0.10, equivalent to a 1.5% annual yield, while company insiders own 24.38% of outstanding shares; its president recently purchased 10,000 shares.

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report)'s stock price traded up 0.8% during mid-day trading on Monday . The company traded as high as $27.62 and last traded at $27.27. 45,111 shares were traded during trading, a decline of 24% from the average session volume of 59,742 shares. The stock had previously closed at $27.06.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HNVR. Zacks Research raised shares of Hanover Bancorp to a "hold" rating in a research note on Monday, July 13th. Wall Street Zen downgraded shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, August 2nd. Piper Sandler increased their target price on shares of Hanover Bancorp from $26.50 to $28.50 and gave the stock an "overweight" rating in a report on Monday, July 27th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.50.

Hanover Bancorp Stock Up 0.8%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $192.53 million, a price-to-earnings ratio of 21.47 and a beta of 0.09. The business has a 50-day simple moving average of $25.12 and a 200-day simple moving average of $23.33.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%. On average, equities analysts anticipate that Hanover Bancorp, Inc. will post 2.4 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. Hanover Bancorp's dividend payout ratio is currently 31.50%.

Insider Buying and Selling

In other news, President Kevin M. O'connor acquired 10,000 shares of Hanover Bancorp stock in a transaction dated Thursday, July 30th. The shares were acquired at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the acquisition, the president owned 12,300 shares of the company's stock, valued at $330,624. This trade represents a 434.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Golden sold 1,295 shares of Hanover Bancorp stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total transaction of $30,471.35. Following the sale, the director directly owned 31,702 shares of the company's stock, valued at approximately $745,948.06. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 24.38% of the company's stock.

Institutional Trading of Hanover Bancorp

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its holdings in shares of Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company's stock valued at $29,000 after acquiring an additional 886 shares during the last quarter. California State Teachers Retirement System lifted its stake in Hanover Bancorp by 476.1% during the second quarter. California State Teachers Retirement System now owns 1,423 shares of the company's stock worth $33,000 after purchasing an additional 1,176 shares during the last quarter. Bank of America Corp DE boosted its holdings in Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock valued at $33,000 after purchasing an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in Hanover Bancorp in the second quarter valued at approximately $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Hanover Bancorp in the second quarter valued at approximately $59,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

About Hanover Bancorp

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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