Hanover Bancorp (NASDAQ:HNVR) Price Target Lowered to $22.50 at Stephens

Key Points

• Stephens has reduced its price target for Hanover Bancorp's stock from $23.50 to $22.50, indicating a potential upside of 3.21% from the current price.
• Hanover Bancorp reported a quarterly earnings per share (EPS) of $0.33, falling short of analysts' expectations of $0.57, alongside lower than anticipated revenue of $18.36 million.
• Several investment firms have adjusted their ratings on Hanover Bancorp, with Piper Sandler lowering its price target to $25.00 while maintaining an "overweight" rating.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) had its price target cut by equities research analysts at Stephens from $23.50 to $22.50 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Stephens' price target points to a potential upside of 8.70% from the company's previous close.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen cut Hanover Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Piper Sandler dropped their target price on Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th.

Hanover Bancorp Stock Performance

NASDAQ HNVR traded down $0.11 during trading hours on Tuesday, reaching $20.70. The company's stock had a trading volume of 7,089 shares, compared to its average volume of 10,589. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $22.09 and a 200 day simple moving average of $22.81. Hanover Bancorp has a 52 week low of $16.57 and a 52 week high of $27.14. The stock has a market cap of $149.64 million, a PE ratio of 13.53 and a beta of 0.06.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $0.33 earnings per share (EPS) 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 the consensus estimate of $19.30 million. Hanover Bancorp had a return on equity of 7.44% and a net margin of 7.73%. Equities research analysts predict that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hanover Bancorp

Several institutional investors and hedge funds have recently modified their holdings of HNVR. Russell Investments Group Ltd. acquired a new position in Hanover Bancorp during the 4th quarter worth $29,000. Acadian Asset Management LLC lifted its position in Hanover Bancorp by 298.4% during the 1st quarter. Acadian Asset Management LLC now owns 9,398 shares of the company's stock worth $205,000 after acquiring an additional 7,039 shares during the last quarter. Citadel Advisors LLC acquired a new position in Hanover Bancorp during the 4th quarter worth $209,000. American Century Companies Inc. acquired a new position in Hanover Bancorp during the 1st quarter worth $214,000. Finally, Jane Street Group LLC acquired a new position in Hanover Bancorp during the 4th quarter worth $249,000. Institutional investors and hedge funds 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.