Hanover Bancorp (NASDAQ:HNVR) Now Covered by Piper Sandler

Piper Sandler began coverage on shares of Hanover Bancorp (NASDAQ:HNVR) in a report released on Friday, MarketBeat reports. The brokerage issued an overweight rating and a $26.50 price objective on the stock.

Separately, Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Hanover Bancorp presently has a consensus rating of “Hold” and a consensus target price of $24.33.

Hanover Bancorp Trading Up 3.5%

NASDAQ:HNVR opened at $23.61 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30. Hanover Bancorp has a 1-year low of $19.91 and a 1-year high of $24.57. The firm has a market capitalization of $168.98 million, a price-to-earnings ratio of 22.49 and a beta of 0.11. The business’s 50-day moving average price is $23.27 and its two-hundred day moving average price is $22.69.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings results on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $19.11 million during the quarter, compared to the consensus estimate of $19.50 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 18th. Stockholders of record on Monday, May 11th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, May 11th. Hanover Bancorp’s dividend payout ratio is presently 38.10%.

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 1,295 shares of the firm’s 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 owned 31,702 shares of the company’s stock, valued at $745,948.06. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 4,566 shares of company stock worth $105,240. Company insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Several large investors have recently bought and sold shares of the company. Fourthstone LLC boosted its stake in shares of Hanover Bancorp by 22.6% during the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after purchasing an additional 95,194 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Hanover Bancorp by 117.7% in the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after buying an additional 57,166 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Hanover Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after buying an additional 554 shares during the period. Corient Private Wealth LLC bought a new position in Hanover Bancorp in the 2nd quarter valued at approximately $572,000. Finally, Goldman Sachs Group Inc. raised its holdings in Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock valued at $486,000 after buying an additional 4,356 shares during the last quarter. 15.02% of the stock is currently owned by 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.