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

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been given a consensus rating of “Hold” by the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $24.50.

A number of analysts have recently issued reports on the stock. Piper Sandler raised their price target on shares of Hanover Bancorp from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Zacks Research upgraded shares of Hanover Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, September 22nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Hanover Bancorp in a research note on Monday, December 29th.

Hanover Bancorp Price Performance

Hanover Bancorp stock opened at $22.80 on Friday. Hanover Bancorp has a 12 month low of $18.31 and a 12 month high of $27.00. The stock has a fifty day simple moving average of $22.80 and a two-hundred day simple moving average of $22.30. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The firm has a market cap of $163.98 million, a price-to-earnings ratio of 15.00 and a beta of 0.04.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Thursday, September 4th. The company reported $0.33 EPS for the quarter. Hanover Bancorp had a return on equity of 7.20% and a net margin of 7.82%.The company had revenue of $18.36 million for the quarter. Equities analysts predict that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. Hanover Bancorp’s dividend payout ratio is currently 26.32%.

Insider Transactions at Hanover Bancorp

In other Hanover Bancorp news, Director Robert Golden sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total transaction of $106,250.00. Following the completion of the sale, the director directly owned 80,769 shares in the company, valued at $1,716,341.25. The trade was a 5.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Fourthstone LLC bought a new stake in Hanover Bancorp during the second quarter valued at approximately $6,690,000. Geode Capital Management LLC grew its position in shares of 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 acquiring an additional 57,166 shares during the period. Corient Private Wealth LLC purchased a new stake in shares of Hanover Bancorp in the 2nd quarter worth $572,000. Los Angeles Capital Management LLC bought a new position in Hanover Bancorp in the 2nd quarter worth $382,000. Finally, Teton Advisors LLC purchased a new position in Hanover Bancorp during the third quarter valued at $314,000. Hedge funds and other institutional investors own 15.02% of the company’s stock.

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.