Hanover Bancorp (NASDAQ:HNVR) Upgraded to “Buy” at Wall Street Zen

Hanover Bancorp (NASDAQ:HNVR) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other research analysts also recently issued reports about the company. Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. Piper Sandler began coverage on Hanover Bancorp in a report on Friday, July 10th. They set an “overweight” rating and a $26.50 target price on the stock. Finally, Zacks Research raised Hanover Bancorp to a “hold” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $24.33.

Hanover Bancorp Price Performance

Hanover Bancorp stock opened at $25.01 on Friday. The firm has a market capitalization of $179.07 million, a PE ratio of 19.69 and a beta of 0.11. Hanover Bancorp has a 52 week low of $19.91 and a 52 week high of $25.75. The firm’s 50-day simple moving average is $23.62 and its 200 day simple moving average is $22.80. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.

Hanover Bancorp (NASDAQ:HNVR) last posted its earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. The firm had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. On average, equities research analysts predict that Hanover Bancorp will post 2.41 EPS for the current fiscal year.

Insider Buying and Selling at Hanover Bancorp

In other news, Director Robert Golden sold 2,259 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total transaction of $51,482.61. Following the sale, the director owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 4,566 shares of company stock worth $105,240. Corporate insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Several institutional investors have recently added to or reduced their stakes in HNVR. JPMorgan Chase & Co. lifted its position in Hanover Bancorp by 23.5% during the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after buying an additional 529 shares during the period. Dimensional Fund Advisors LP grew its holdings in Hanover Bancorp by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock valued at $719,000 after buying an additional 534 shares during the period. BNP Paribas Financial Markets grew its holdings in Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after buying an additional 886 shares during the period. Bank of America Corp DE increased its stake in shares of Hanover Bancorp by 68.6% during the 3rd quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after acquiring an additional 1,002 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Hanover Bancorp by 19.9% during the 4th quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after acquiring an additional 1,769 shares during the last quarter. 15.02% of the stock is currently owned by institutional investors and hedge funds.

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.