Hanover Bancorp (NASDAQ:HNVR) Stock Price Up 3.9% – What’s Next?

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) rose 3.9% on Monday . The company traded as high as $21.84 and last traded at $21.61. Approximately 8,504 shares were traded during trading, a decline of 4% from the average daily volume of 8,825 shares. The stock had previously closed at $20.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Piper Sandler reduced their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research note on Friday, January 30th. Finally, Weiss Ratings lowered shares of Hanover Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a report on Monday, March 16th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.33.

Hanover Bancorp Stock Performance

The firm has a market capitalization of $154.94 million, a PE ratio of 21.61 and a beta of 0.07. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average of $22.31 and a 200 day moving average of $22.39.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. Hanover Bancorp’s payout ratio is presently 40.00%.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its stake in Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after purchasing an additional 886 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in Hanover Bancorp in the 2nd quarter worth approximately $30,000. Bank of America Corp DE increased its holdings in shares of 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 buying an additional 1,423 shares during the last quarter. Strs Ohio bought a new position in shares of Hanover Bancorp in the 3rd quarter worth $36,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Hanover Bancorp during the 2nd quarter valued at $51,000. 15.02% of the stock is 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.