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

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been assigned an average rating of “Hold” from the five analysts that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $24.3333.

Several analysts have recently issued reports on the company. Wall Street Zen raised Hanover Bancorp from a “hold” rating to a “buy” rating in a report on Saturday. Piper Sandler initiated coverage on shares of Hanover Bancorp in a report on Friday, July 10th. They issued an “overweight” rating and a $26.50 target price for the company. Weiss Ratings upgraded shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. Finally, Zacks Research raised shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th.

Hanover Bancorp Stock Performance

HNVR opened at $25.01 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $179.07 million, a price-to-earnings ratio of 19.69 and a beta of 0.11. The company has a fifty day moving average of $23.62 and a 200 day moving average of $22.80. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $25.75.

Hanover Bancorp (NASDAQ:HNVR) last posted its earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $19.57 million for the quarter, compared to the consensus estimate of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. As a group, sell-side analysts forecast that Hanover Bancorp will post 2.41 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be issued a $0.10 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. Hanover Bancorp’s payout ratio is 38.10%.

Insider Activity

In other news, Director Robert Golden sold 1,295 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the sale, the director directly owned 31,702 shares in the company, valued at approximately $745,948.06. This represents a 3.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 4,566 shares of company stock worth $105,240. 24.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hanover Bancorp

Several large investors have recently added to or reduced their stakes in HNVR. Goldman Sachs Group Inc. lifted its stake in shares of 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 purchasing an additional 4,356 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Hanover Bancorp by 97.5% in the 1st quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock worth $467,000 after purchasing an additional 10,511 shares during the period. Acadian Asset Management LLC increased its position in shares of Hanover Bancorp by 298.4% during the 1st quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock valued at $205,000 after purchasing an additional 7,039 shares during the last quarter. Geode Capital Management LLC raised its holdings in Hanover Bancorp by 117.7% during the 2nd 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. Finally, JPMorgan Chase & Co. bought a new stake in Hanover Bancorp in the second quarter worth $51,000. 15.02% of the stock is 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.