Stephens Has Lowered Expectations for Hanover Bancorp (NASDAQ:HNVR) Stock Price

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 objective dropped by analysts at Stephens from $23.50 to $22.50 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Stephens' target price suggests a potential upside of 6.28% from the stock's previous close.

Several other brokerages have also weighed in on HNVR. Piper Sandler dropped their price objective on shares of Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Wall Street Zen lowered shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR traded down $0.21 during midday trading on Tuesday, reaching $21.17. 12,375 shares of the company were exchanged, compared to its average volume of 9,606. The stock's 50-day moving average price is $22.18 and its 200-day moving average price is $22.83. The stock has a market cap of $153.06 million, a P/E ratio of 13.84 and a beta of 0.07. Hanover Bancorp has a one year low of $16.57 and a one year high of $27.14. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

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

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 5,000 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.42, for a total value of $117,100.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 24.76% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in Hanover Bancorp by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock worth $1,034,000 after purchasing an additional 1,331 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $29,000. Northern Trust Corp bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $418,000. Jane Street Group LLC bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $249,000. Finally, Rhino Investment Partners Inc bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $4,628,000. 15.02% of the stock is 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.