Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives Consensus Rating of “Hold” from Brokerages

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been given a consensus recommendation of “Hold” by the five research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $24.3333.

Several brokerages recently issued reports on HNVR. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research note on Monday, December 29th. Piper Sandler dropped their target price on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a report on Friday, January 30th. Finally, Zacks Research downgraded shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th.

Institutional Trading of Hanover Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its position in shares of Hanover Bancorp by 219.9% during the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after acquiring an additional 886 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Hanover Bancorp during the 2nd quarter valued at about $30,000. Bank of America Corp DE grew its position in Hanover Bancorp by 3,744.7% in the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after purchasing an additional 1,423 shares during the last quarter. Strs Ohio acquired a new stake in shares of Hanover Bancorp in the third quarter valued at approximately $36,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Hanover Bancorp in the second quarter valued at approximately $51,000. 15.02% of the stock is currently owned by institutional investors and hedge funds.

Hanover Bancorp Stock Down 4.9%

NASDAQ:HNVR opened at $20.68 on Monday. The company has a market capitalization of $148.69 million, a price-to-earnings ratio of 20.68 and a beta of 0.07. Hanover Bancorp has a one year low of $18.31 and a one year high of $24.55. The stock has a 50-day simple moving average of $22.98 and a 200 day simple moving average of $22.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Thursday, January 29th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.51). The firm had revenue of $18.60 million for the quarter, compared to analyst estimates of $18.85 million. Hanover Bancorp had a net margin of 5.22% and a return on equity of 5.18%. Sell-side analysts predict that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Thursday, February 12th. Hanover Bancorp’s payout ratio is presently 40.00%.

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.